Vice Media to cut 10 per cent of workforce

Vice Media

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CEO Nancy Dubuc, who took the reins from founder Shane Smith as its first outside CEO past year, wrote in a memo to staff: "Having finalized the 2019 budget, our focus shifts to executing our goals and hitting our marks". Having finalized the 2019 budget, our focus shifts to executing our goals and hitting our marks, . "While this makes us a stronger business going forward, it is hard for all of us to go through and we do not make these decisions lightly". Starting today, the next phase of our plan begins as we reorganise our global workforce.

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Vice Media will lay off around 250 people across all divisions, or 10% of its staff, as it reorganizes the company focus and structure, reports The Hollywood Reporter. The priorities are film and TV production unit, Studios, an worldwide news team, the digital business, the TV operation led by Viceland and ad agency Virtue, while human resources, legal and business development will report into Vice Brooklyn's headquarters or a regional area. Just last week, BuzzFeed cut deep, losing 43 of its news team, including the entire national news desk. Verizon Media, which owns Yahoo and the Huffington Post, slashed roughly 800 jobs, or 7 percent, of its global workforce in January. Gannett, the nation's largest newspaper chain also announced layoffs, according to CNN News.

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Vice has grown from a Canadian magazine to a global media company based in NY. Vice reportedly intends to redirect resources to film and television production, as well as branded content. In 2017, after a $450 million investment from a private equity firm, the company was valued at $5.7 billion.

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