Vice Media slashes 10% of workforce amid reorganization: Report
Vice Media will reportedly cut about 10 percent of its global workforce in a bid to cut costs, joining a wave of media companies conducting layoffs amid industrywide financial difficulties.
The cuts will impact roughly 250 employees across all departments, including editorial, IT and finance, according to The Hollywood Reporter. Vice reportedly intends to redirect resources to film and television production, as well as branded content.
"Having finalized the 2019 budget, our focus shifts to executing our goals and hitting our marks," Vice Media CEO Nancy Dubuc said in a memo to employees obtained by The Hollywood Reporter. "We will make Vice the best manifestation of itself and cement its place long into the future."
Vice did not immediately respond to a request for further comment. The company was valued at $5.7 billion after its latest funding round, drawing investments from industry juggernauts such as Fox and Disney.
The layoffs were expected to begin on Friday and continue through the next few weeks.
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Several major media companies have laid off employees as part of efforts to find a sustainable business model. Buzzfeed, Gannett, Mic and Verizon, which owns prominent brands such as the Huffington Post and Yahoo, have all cut jobs since last November.
