Vice Media will stop publishing articles on its website, as well as laying off more than 900 employees, next week as part of its transition to a "studio model."
In an employee memo from Vice Media CEO Bruce Dixon reasoned that the publication's current digital content operations are "no longer cost-effective."
Dixon cited plans to "partner with established media companies" and put "more emphasis on our social channels" rather than its news website that it cultivated for over a decade now.
Vice Media Layoffs Continue to Grow
Vice News' top editor Josh Visser via The Hollywood Reported said the current situation on the company is "very upsetting."
Visser, on behalf of the affected employees, has not received any confirmation from Dixon and other top executives that the Vice Media's news site is not shuttering.
Vice Media has been slashing off staffers for the past years since its apparent recovery from bankruptcy. It was acquired by the private equity firm Fortress Investment Group after being put up for sale over two years ago.
Vice Media has yet to make an official statement on the matter.
Sweeping Job Cuts on News Publications
The recent layoffs in Vice Media are only the latest report of news publications cutting off its workforce along with the tech industry.
Just yesterday, BuzzFeed slashed down its workforce by 16% after it sold off its youth-culture media company Complex Network.
Other publishers like The Wall Street Journal, The Los Angeles Times, The Washington Posts, Vox, and Sports Illustrated also conducted job cuts over the past year.
Several media executives cited increasing market competition and the audience relying more on social media like Instagram and TikTok for information as major factors for the layoffs.
As of writing, journalists have been holding off picket lines in protest to the continuing trend of layoffs in the media industry amid rising inflation and decreasing job opportunities.
There has yet to be reports of successful discussions with the respective unions and the media companies.
