Vice to stop publishing on website, lay off hundreds

Vice Media announced this week that it would lay off hundreds of employees and cease publishing on its website.

“It is no longer cost-effective to distribute digital content as we have in the past,” CEO Bruce Dixon said in a memo to employees and employees. Shared on multiple media Thursday.

Dixon said Vice plans to cut hundreds of positions, adding that the decision was “not taken lightly,” but that “we are committed to ensuring the company’s long-term financial and creative success.” “This was the best path for Vice to position itself.”

Vice is the latest in a number of digital media companies that have been forced to cut staff as a cost-cutting measure amid an increasingly challenging digital advertising market, increasing fragmentation across the media landscape, and rapidly changing news consumption habits. It is.

Earlier this year, news startup The Messenger shut down less than a year after launching and laid off hundreds of employees, and traditional media brands like The Washington Post and Los Angeles Times have also closed down in recent months. cut journalism jobs.

Founded in the 1990s, Vice Media has expanded into digital journalism, broadcasting and creative services.

Last March, news outlet Semafor reported on former CEO and co-founder Shane Smith. sold over $100 million After raising $500 million in 2014, the company acquired its own shares.

Dixon said that going forward, Vice Media will aim to “streamline our overall operations” and will “consider partnering with existing media companies to distribute content.”