Vice Media is to lay off about 250 staffers, representing 10 per cent of employees, citing a declining revenue stream. Vice implemented a hiring freeze last autumn, and trade magazine Variety says that CEO Nancy Dubuc is restructuring the focus of the business and away from web-based activity and towards film and TV production.
In a memo to staff on February 1st she said: “Having finalized the 2019 budget, our focus shifts to executing our goals and hitting our marks. To this end, we’ve had to make hard but necessary operating decisions. Starting today, the next phase of our plan begins as we reorganize our global workforce. Unfortunately, this means we will have to say goodbye to some of our Vice colleagues.”
Vice Media isn’t alone in having to think again about its role in today’s media. Only last week BuzzFeed said it wold cut 15 per cent of staff, including the complete BuzzFeed News’ national team. Verizon has also trimmed 800 staff working in its Media Group – about 7 per cent of those responsible for the AOL/Yahoo divisions.