New York, NY: Vice Media’s recent announcement of layoffs and a strategic shift towards a “studio model” has left many staffers concerned about the future of the company’s flagship news website. Following the brand’s sale to a group of former bankruptcy lenders, Vice Media CEO Bruce Dixon confirmed that layoffs would impact “several hundred” employees and that the company would no longer publish content on vice.com. Instead, Vice Media will focus on selling its content to other outlets as part of a new distribution strategy.
In response to the uncertainty, Vice News’ top editor Josh Visser expressed his concerns to staff, stating that he had not received a clear response from senior executives about the future of the website and the restructuring of the newsroom. This lack of clarity has led to anxiety among employees, with questions arising about the security of their next paychecks and the potential disablement of their Vice-issued laptops.
The situation was further complicated by a recent tech update that disabled a tool allowing employees to download their Google data in bulk, sparking fears among staff about the company’s overall stability and future plans.
Vice Media’s decision to shift to a “studio model” comes as the company continues to navigate the aftermath of filing for bankruptcy in May of last year. With the cancellation of its flagship show Vice News Tonight and ongoing cost-cutting measures, the company has been in a state of flux. Last July, Vice Media sold itself to a group led by Fortress Investment LLC, Soros Fund Management, and Monroe Capital, signaling a new chapter for the media company.
In a memo to Vice Media’s team, CEO Bruce Dixon outlined the reasons behind the strategic shift, emphasizing the need to adapt and align the company’s strategies for long-term competitiveness. The memo also detailed the decision to sell Refinery29, another digital publishing business within the Vice Media portfolio, to further streamline operations and realign resources.
Despite the challenges posed by these changes, Dixon expressed confidence in Vice Media’s ability to overcome the current transitional phase and achieve long-term success. The company’s financial partners have reportedly shown support for the new operating model, providing reassurance amidst the workforce reductions and strategic realignment.
As Vice Media’s staff grapples with these changes, the future of the company’s content distribution and the impact on its employees remain subjects of ongoing concern and discussion within the media industry.
This article was updated with the latest information and details from the CEO’s memo.