Vice Media plans to lay off several hundred employees and no longer publish material on its Vice.com website, the company’s CEO said in a memo to staff Thursday.
Vice, which filed for bankruptcy last year before being sold for $350-million to a consortium led by the 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 problems buffeting the media industry. Digital sites the Messenger, BuzzFeed News and Jezebel have all shut down in the past year, and legacy media outlets like the Los Angeles Times, Washington Post and Wall Street Journal have also seen job cuts.
Once a swashbuckling media company geared to a younger audience with an immersive storytelling style that encompassed digital, television and film outlets, New York-based Vice was valued at $5.7-billion in 2017. (AP)
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