Vice to Cut 10% Staff in Latest Media Downsizing

Buzzfeed employees work at the company’s headquarters in New York

Buzzfeed employees work at the company’s headquarters in New York

"Having finalized the 2019 budget, our focus shifts to executing our goals and hitting our marks", CEO Nancy Dubuc wrote in a memo sent to staff on Friday morning, according to the report. "We will make Vice the best manifestation of itself and cement its place long into the future". "To this end, we've had to make hard but necessary operating decisions".

The news comes after similar cuts in recent days at other digital media stars including BuzzFeed and HuffPost, raising fears of a major retrenchment in what had been a growing media segment. "Unfortunately, this means we will have to say goodbye to some of our VICE colleagues".

It's a smaller percentage of the workforce than the 15 percent BuzzFeed started cutting last week, but each company let go more than 200 employees.

The Hollywood Reporter, which first reported the layoffs, said that the cuts "will impact around 250 people", or about 10% of its workforce.

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Dubuc, formerly CEO of A+E Networks, is consolidating global units into regions and targeting news, studios, TV, digital and advertising for growth.

Shane Smith during the 2017 Mobile World Congress in Barcelona, Spain. Vice was founded in 1994 as a Canadian magazine and grew into an online media group with news websites and television operations.

Josh Tyrangiel's news desk and the company's sales team will also receive a new round of investment. Investors have poured more than $1 billion into the 25-year-old company, which is valued at infamously high $5.7 billion.

"Asia represents a huge cultural opportunity - and as per the reporting, Vice will be organising through all lines of business, Vice Studios, Virtue, Digital, TV, and News not separated by language, culture, and territorial borders". Employees in the United States, the United Kingdom, and Mexico were notified of the layoffs on Friday.

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