Vice Media To Stop Publishing On Its Website, Cut Hundreds Of Jobs

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Vice Media Group got on the brink of declare personal bankruptcy in 2014.

Vice Media Group will certainly stop publishing on its website and is preparing to give up numerous staff members following week, the firm’s chief executive officer Bruce Dixon has actually introduced in a memorandum. He criticized cost-effectiveness as a significant factor behind this extreme action by the American-Canadian electronic media residence.

“We create and produce outstanding original content true to the Vice brand. However, it is no longer cost-effective for us to distribute our digital content the way we have done previously,” he stated.

He exposed that the firm is transitioning to a “studio model” and as a component of this modification, no material will certainly be released on vice.com. “Moving forward, we will look to partner with established media companies to distribute our digital content, including news, on their global platforms, as we fully transition to a studio model,” he included.

“As part of this shift, we will no longer publish content on vice.com, instead putting more emphasis on our social channels as we accelerate our discussions with partners to take our content to where it will be viewed most broadly,” he proceeded.

Talking concerning Refinery29, an additional media brand name possessed by Vice Media, Dixon exposed it will certainly “operate as a standalone diversified digital publishing business, creating engaging, social-first content.”

He stated the firm heads “are in advanced discussions to sell this business, and we are continuing with that process.”

On decreasing the labor force, Dixon stated the “decision was not made lightly”.

“With this strategic shift (transition to studio model) comes the need to realign our resources and streamline our overall operations at Vice. Regrettably, this means that we will be reducing our workforce, eliminating several hundred positions. This decision was not made lightly, and I understand the significant impact it will have on those affected,” he included.

Dixon stated the personnel, that will certainly be given up, will certainly be educated ahead of time: “Employees who will be affected will be notified about the next steps early next week, consistent with local laws and practices.”

It need to be kept in mind the information concerning the discharge comes much less than a year after the firm was saved from personal bankruptcy. Last May, Vice Media Group got on the brink of declare personal bankruptcy, and in a proposal to stay clear of the statement, it was trying to find a purchaser for the firm.



https://www.ndtv.com/world-news/vice-media-to-stop-publishing-on-its-website-cut-hundreds-of-jobs-5118057

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