Vice Media has announced that the Vice.com website will no longer be updated and that there will be hundreds of layoffs to follow.
This news comes shortly after it was announced that NTWRK would be acquiring Complex from Buzzfeed in a US$108.6 million all-cash deal.
Founded in 1994, Vice was one of the fastest-growing media companies that emerged in the 2000s and was known for its raw take on reporting world news, along with award-winning documentaries. Once valued at US$5.7 billion, Vice attributes this new direction to pressure faced with a new era of media where views are moving away from the traditional website model for distribution of content and more on social media.
In a memo from Vice Media CEO, Bruce Dixon, it states that the “strategic shift” will “regrettably” lead the the elimination of hundreds of positions and that the move will make the company stronger and more resilient in the long run. Vice has indicated that it is set to transition to a studio model, and that it will partner with more established media companies to distribute its digital content.
The entire memo can be read below:
Media news: In a memo, Vice CEO Bruce Dixon says the company will lay off hundreds of employees and stop publishing on the https://t.co/JeDcdfTJsW website. pic.twitter.com/KEzMTnatZY
— Will Sommer (@willsommer) February 22, 2024
(Images: Photo by Eric Thayer/Getty Images)
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Ambrose Leung
Editor-in-Chief, Lifestyle Asia Hong Kong
Always on a journey to expand his knowledge, Ambrose is a blend of old-school charm and modern curiosity.
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