Vice Media is the latest company to be hit by mass layoffs and a shift in focus as the digital journalism industry continues to change.
In an internal memo to employees obtained Thursday by InternalDeputy CEO Bruce Dixon announced that the company will lay off hundreds of employees following its decision to stop publishing original content on its website.
“We create and produce exceptional original content that is true to the Vice brand. However, it is no longer cost effective for us to distribute our digital content in the way we have previously done,” Dixon wrote. “Going forward, we will look to partner with established media companies to distribute our digital content, including news, across their global platforms, as we fully transition to a studio model.”
Related: Report: Vice Media headed for bankruptcy
Dixon said the company will “place a greater emphasis” on social media platforms, although the company’s lifestyle-focused site, Refinery 29, will continue to operate independently. However, it should be noted that Vice is in “advanced discussions” to sell that store, and that employees can expect an announcement regarding the potential sale in the coming weeks.
“This is the end for me, I fear, after nine years,” former Vice staffer Tess Owen wrote on X. “I feel all over the place emotionally, and more to come tomorrow, but one thing I will say is that Vice, for me, has always been about the work and the people who make the work.”
Employees affected by the layoffs are expected to find out early next week.
“I know 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 said. “Our financial partners support us and have agreed to invest in this operating model going forward. We will emerge stronger and more resilient as we embark on this new phase of our journey.”
Vice Media filed for Chapter 11 bankruptcy in May 2023 in the Southern District Court of New York, with the company’s assets and liabilities listed at between $500 million and $1 billion.
Related: Snap Inc. will lay off 10% of its total global workforce
The company was founded by Shane Smith as a magazine in 1994 before moving into digital media and streaming on HBO in 2013. It launched its own video channel, Viceland, in 2016. In 2019, both HBO and Viceland programming were cancel.
Former CEO Nancy Dubuc also left the company last year before filing for bankruptcy.