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San Francisco, April 28 (SocialNews.XYZ) Vice Media is reportedly laying off more than 100 employees and shutting down its Vice News Tonight broadcast as part of a restructuring of its global organization.
The struggling media company has been seeking to sell itself for months, according to the Wall Street Journal.
“We’re transforming VICE News to better respond to market realities and align more closely with how and where we see audiences engaging with our content,” said Co-CEOs Bruce Dixon and Hotzefa Rockhan Hozefa Lokhandwala said in a staff briefing to The Wall Street Journal.
Vice World News produces digital and television news content for international audiences.
Vice said Vice News will become its sole news brand globally, effectively ending the Vice World News brand. Earlier this year, Vice Media secured $30 million in debt financing from Fortress Investment Group.
At its peak, Vice’s market cap was close to $6 billion. Last month, it was reported that Group Black had submitted a bid for Vice for about $400 million. Last week, popular news outlet Insider announced a 10% layoff, including staff writers.
The layoffs reflect that the media market is still adjusting to the economic downturn. BuzzFeed.com’s Pulitzer Prize-winning news division will also be shuttered, CEO Jonah Peretti announced. The media organization said it would lay off about 15% of its staff across the business, content, technology and management teams, and began shutting down BuzzFeed News.
In recent months, ABC News, NPR, Vox Media, CNN and many other outlets have laid off staff.
Source: IANS
about Gopi
Gopi Adusumilli is a programmer. He is the editor of SocialNews.XYZ and the president of AGK Fire Inc.
He enjoys designing websites, developing mobile applications, and publishing news articles on current events from a variety of verified news sources.
When it comes to writing, he enjoys writing about current world politics and Indian cinema. His future plans include growing SocialNews.XYZ into a news site free from bias or judgment on anyone.
he can reach gopi@socialnews.xyz
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