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    Vice Media to cut 10 percent of workforce

    By SHOOTUpdated:No Comments1708 Views
    In this Oct. 30, 2014, file photo, the Vice logo is seen at a joint venture announcement between Vice Media and Roger Communications in Toronto. (Nathan Denette/The Canadian Press via AP, File)
    NEW YORK (AP) --

    Vice Media is cutting 250 jobs globally as it seeks to achieve profitability. It is the latest round of layoffs as the media industry contracts.

    The cuts affect about 10 percent of Vice's 2,500 staff, said company spokeswoman Danielle Carrig. But she said Vice plans to add jobs as well in departments including sales and digital news as it focuses on its units with potential for growth.

    The media industry has been facing a wave of layoffs as Facebook and Google gobble up the bulk of digital advertising dollars.

    Also on Friday, newspaper publisher McClatchy said it will offer voluntary buyouts to 13 percent of its staff, about 450 people.

    Digital media company BuzzFeed said last week it is cutting 200 people. Verizon is cutting about 800 jobs in its media division, which includes Yahoo and HuffPost.

    Vice has grown from a Canadian magazine to a global media company based in New York. Some news outlets reported last year that the privately held company instituted a hiring freeze and might seek a reduction in staff through attrition, but that was not confirmed.

    Vice will structure itself around its five businesses: studios, news, digital, TV and Virtue, Vice's advertising segment. Its current structure is organized around its different international offices.

    Tags:Vice Media



    DirecTV calls off acquisition of rival Dish, possibly ending a yearslong pursuit

    Friday, November 22, 2024
    Dish Network satellite dishes are shown at an apartment complex in Palo Alto, Calif., Feb. 23, 2011. (AP Photo/Paul Sakuma, File)

    DirecTV is calling off its planned acquisition of rival Dish after the offer was rejected by bond holders at that company.

    The deal was reliant on Dish bond holders agreeing to trade in the debt they held for debt in the new company, a swap that would have cost them about $1.6 billion, collectively.

    The retreat by DirecTV this week may end a years-long effort by the company to acquire both Dish and Sling after it announced the bid in September.

    DirecTV was looking to acquire Dish TV and Sling TV from its owner EchoStar in a debt exchange transaction that included a payment of $1, plus the assumption of approximately $9.8 billion in debt. The deal was contingent on several factors, including regulatory approvals and bondholders writing off debt related to Dish.

    "While we believed a combination of DirecTV and Dish would have benefited all stakeholders, we have terminated the transaction because the proposed exchange terms were necessary to protect DirecTV's balance sheet and our operational flexibility," DirecTV CEO Bill Morrow said in a statement.

    The prospect of a DirecTV-Dish combo has long been rumored, and reported talks resurfaced over the years. And the two almost merged more than two decades ago — but the Federal Communications Commission blocked the deal valued at the time at $18.5 billion deal, citing antitrust concerns.

    The pay-for-TV market has shifted significantly since. As more and more consumers tune into online streaming platforms, demand for more traditional satellite entertainment continues to shrink.

    DirecTV says that it will continue to invest in next-generation streaming platforms and offer new packaging options while integrating content from live TV alongside direct-to-consumer... Read More

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