Vice Media says ‘several hundred’ staff members will be laid off, Vice.com news site shuttered

NEW YORK — Vice Media plans to lay off several hundred employees and stop publishing material on the Vice.com website, the company’s CEO said in a memo to employees on Thursday.

Vice, which filed for bankruptcy last year before being sold for $350 million to a consortium led by Fortress Investment Group, is also looking to sell its Refinery 29 publishing business, CEO Bruce Dixon said in his memo to staff.

It’s the latest sign of financial troubles plaguing the media industry. Digital sites like Messenger, BuzzFeed News and Jezebel have all closed in the past year, and legacy outlets like the Los Angeles Times, Washington Post and Wall Street Journal have also suffered job cuts.

Once a brash media company that targeted younger audiences with a compelling storytelling style spanning digital, television and film channels, New York-based Vice was valued at $5.7 billion in 2017.

Dixon did not provide any details about the layoffs, other than to say hundreds of people will be affected and will be notified early next week. The New York Times reported that the company currently employs about 900 people.

“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,” said Dixon.

He said it was no longer cost-effective for Vice to distribute its digital content, including news, the way it has been. He said Vice would place more emphasis on its social channels and look for other ways to distribute its content.

As part of the strategic change, Dixon said Vice would follow a studio model.

Before filing for bankruptcy protection last year, Vice canceled its television show “Vice News Tonight” as part of a round of layoffs.