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Vice Media Group LLC, an American-Canadian digital media and broadcasting company, will halt online publishing on its namesake site, Vice.com. As this happens, the company will also lay off hundreds of employees.
As Vice Media closes down its online news site, several hundred staff will unfortunately have to go. In explaining its decision for the shutdown, the company said it would shift focus to its social channels.
Job Cuts Announcement
According to HuffPost, the media firm informed its employees about the layoffs on Thursday, Feb. 22. Vice Media’s chief executive officer, Bruce Dixon, released a memo to relay the unfortunate news to the staff.
In the letter, the CEO told everyone that it is no longer cost-effective for the company to distribute its digital content the way it did in the past. He added that Vice Media will collaborate with established media firms to distribute its digital content, such as news, on their respective global platforms.
Company’s Planned Transition
Dixon said they will take these steps to transform the company fully into a studio model. However, what this new business model entails is unclear, and the company did not immediately respond to a request for comment to clarify this.
But one thing is sure: Vice Media will use its social channels more. These would be its primary focus now and will speed up talks with partners to release content where they would be most broadly viewed.
Upcoming Layoffs
Vice Media’s chief said they will inform individuals affected by the job cuts starting next week. Associated Press News reported that this move is the latest indication of financial problems hounding the media sector.
“I know that saying goodbye to our valued colleagues is difficult and feels overwhelming, but this is the best path forward for Vice as we position the company for long-term creative and financial success,” Dixon stated.
Photo by: Vice Media Group Media Assets
