Vice Media plans to lay off several hundred employees and no longer publish material on its Vice.com website, the company's CEO said in a memo to staff Thursday.
Vice, which filed for bankruptcy last year before being sold for $350 million to a consortium led by the Fortress Investment Group, is also looking to sell its Refinery 29 publishing business, CEO Bruce Dixon said in his memo to staff.
It's the latest sign of financial problems buffeting the media industry. Digital sites the Messenger, BuzzFeed News and Jezebel have all shut down in the past year, and legacy media outlets like the Los Angeles Times, Washington Post and Wall Street Journal have also seen job cuts.
Once a swashbuckling media company geared to a younger audience with an immersive storytelling style that encompassed digital, television and film outlets, New York-based Vice was valued at $5.7 billion in 2017.
Dixon offered no specifics about the layoffs, other than saying hundreds of people will be affected and will be notified early next week. The New York Times reported that the company currently has about 900 people on staff.
"I know that saying goodbye to our valued colleagues is difficult and feels overwhelming, but this is the best path forward for Vice as we position the company for long-term creative and financial success," Dixon said.
He said it was no longer cost-effective for Vice to distribute its digital content, including news, the way it has been. He said Vice would put more emphasis on its social channels and look for different ways to distribute its content.
As part of its strategic shift, Dixon said Vice would follow a studio model.
Before filing for bankruptcy protection last year, Vice canceled its "Vice News Tonight" television program as part of a round of layoffs then.
SMPTE elects board officers, regional governors
SMPTE®,the home of media professionals, technologists, and engineers, has revealed the board officers and regional governors who will serve terms beginning in January 2025.
Three new officers--Richard Welsh as SMPTE president, Eric Gsell as SMPTE executive VP, and Polly Hickling as SMPTE Education VP--have been elected for a two-year term from Jan. 1, 2025, to Dec. 31, 2026. One SMPTE officer, Lisa Hobbs, will be continuing her service as SMPTE secretary and treasurer for another two-year term. Additionally, Raymond Yeung will be stepping into the role of standards VP on Jan. 1, 2025.
“SMPTE’s membership has spoken,” said SMPTE interim executive director Sally-Ann D’Amato. “These officers have been tasked with an important responsibility, one each of them is prepared to tackle head-on. These next two years are looking bright for SMPTE!”
In addition to the officers, 10 regional governors were elected by the Society to serve two-year 2025-2026 terms.
These include the following regional governors, re-elected to continue their service:
Asia-Pacific Region Governor
Tony Ngai, Society of Motion Imaging Ltd.
EMEA - Central & South America Region Governor
Fernando Bittencourt, FB Consultant
United Kingdom Region Governor
Chris Johns, Sky UK.
USA - Central Region Governor
William T. Hayes, Consultant
USA - Eastern Region Governor
Dover Jeanne Mundt, Riedel Communications
USA - Western Region Governor
Jeffrey F. Way, Open Drives
Also elected were four newcomers to the SMPTE Board:
Canada Region Governor
Jonathan Jobin, Grass Valley
USA - Hollywood Region Governor
Allan Schollnick, Voxx... Read More