Digital media upstart Vice laying off 'several hundred' staff: CEO / Photo: MARIO TAMA - GETTY IMAGES NORTH AMERICA/AFP
CMSC
0.0582
The Prague Post - Digital media upstart Vice laying off 'several hundred' staff: CEO
EUR
-
AED 4.324911
AFN 77.866489
ALL 96.409931
AMD 449.114585
ANG 2.108465
AOA 1079.903315
ARS 1708.163201
AUD 1.762313
AWG 2.122711
AZN 2.002069
BAM 1.951952
BBD 2.371115
BDT 143.855173
BGN 1.954691
BHD 0.444041
BIF 3473.452201
BMD 1.177648
BND 1.512718
BOB 8.163974
BRL 6.53854
BSD 1.177274
BTN 105.593722
BWP 15.495451
BYN 3.415666
BYR 23081.906763
BZD 2.367752
CAD 1.615298
CDF 2661.485262
CHF 0.930271
CLF 0.027164
CLP 1065.677816
CNY 8.291763
CNH 8.264335
COP 4444.809771
CRC 582.162173
CUC 1.177648
CUP 31.20768
CVE 110.048044
CZK 24.290939
DJF 209.638485
DKK 7.469134
DOP 73.465788
DZD 152.598496
EGP 55.975748
ERN 17.664725
ETB 183.419951
FJD 2.682035
FKP 0.875147
GBP 0.872826
GEL 3.162005
GGP 0.875147
GHS 13.332828
GIP 0.875147
GMD 86.555407
GNF 10288.716127
GTQ 9.019219
GYD 246.296526
HKD 9.160196
HNL 31.031822
HRK 7.538594
HTG 154.277158
HUF 390.638309
IDR 19760.938545
ILS 3.762003
IMP 0.875147
INR 105.500216
IQD 1542.172751
IRR 49578.993741
ISK 148.018669
JEP 0.875147
JMD 188.258854
JOD 0.83498
JPY 184.039936
KES 151.857052
KGS 102.985114
KHR 4717.699208
KMF 493.434674
KPW 1059.837556
KRW 1745.768826
KWD 0.361897
KYD 0.981066
KZT 599.702798
LAK 25501.940294
LBP 105423.955268
LKR 364.429991
LRD 208.369207
LSL 19.651591
LTL 3.477289
LVL 0.712348
LYD 6.370441
MAD 10.737531
MDL 19.812939
MGA 5375.448122
MKD 61.562947
MMK 2472.879226
MNT 4184.666939
MOP 9.431486
MRU 46.948244
MUR 54.136818
MVR 18.206667
MWK 2041.392794
MXN 21.114374
MYR 4.785966
MZN 75.253041
NAD 19.651757
NGN 1712.395046
NIO 43.324771
NOK 11.87083
NPR 168.950354
NZD 2.021351
OMR 0.452805
PAB 1.177289
PEN 3.962554
PGK 5.081981
PHP 69.312832
PKR 329.776955
PLN 4.223924
PYG 8021.186489
QAR 4.302917
RON 5.089913
RSD 117.39385
RUB 92.06424
RWF 1714.719486
SAR 4.417063
SBD 9.594005
SCR 16.29021
SDG 708.34855
SEK 10.821481
SGD 1.514644
SHP 0.883541
SLE 28.322403
SLL 24694.700431
SOS 671.581701
SRD 45.229349
STD 24374.942235
STN 24.452209
SVC 10.300693
SYP 13021.134153
SZL 19.649262
THB 36.681385
TJS 10.830839
TMT 4.121769
TND 3.435527
TOP 2.835495
TRY 50.438557
TTD 8.00828
TWD 37.057647
TZS 2910.821564
UAH 49.57227
UGX 4253.632161
USD 1.177648
UYU 45.979353
UZS 14191.96075
VES 332.284833
VND 31008.657498
VUV 143.133076
WST 3.278554
XAF 654.666346
XAG 0.016991
XAU 0.000265
XCD 3.182654
XCG 2.121735
XDR 0.815868
XOF 654.666346
XPF 119.331742
YER 280.867062
ZAR 19.681053
ZMK 10600.247152
ZMW 26.605773
ZWL 379.202273
- Vietnam Communist Party endorses To Lam to stay in top job
- US economic growth surges in 3rd quarter, highest rate in two years
- Frank defends Van de Ven after Slot slams 'reckless' foul on Isak
- Russian paramilitaries in CAR say take election threat 'extremely seriously'
- Trump in the Epstein files: five takeaways from latest release
- UK govt to relax farmers inheritance tax after protests
- Pakistani firm wins auction for state airline PIA
- Stocks slip on strong US growth data
- DR Congo beat Benin to kick off Cup of Nations bid
- New Epstein files dump contains multiple Trump references
Digital media upstart Vice laying off 'several hundred' staff: CEO
Vice, the dynamic, fast-growing digital media company that gained a wide following with young readers, said Thursday it will no longer publish on its flagship website and is eliminating hundreds of jobs.
Millennial-focused and known for its edgy news and lifestyle content, Vice had been among the rising stars of a new breed of digital media firms but struggled as advertising revenues shrank.
The move is the latest dose of depressing news for America's struggling media industry, which saw BuzzFeed News close up shop last year after 12 years in business.
"With this strategic shift comes the need to realign our resources and streamline our overall operations at Vice," Bruce Dixon, chief executive of Vice Media Group, told employees in a memo, copies of which were posted online by several Vice reporters.
"Regrettably, this means that we will be reducing our workforce, eliminating several hundred positions."
Dixon said it is "no longer cost-effective for us to distribute our digital content the way we have done previously."
Moving ahead, the company "will look to partner with established media companies to distribute our digital content, including news, on their global platforms, as we fully transition to a studio model," he added.
Employees affected by the layoffs will be notified early next week.
It marks a dramatic fall for a brash upstart media company that was valued at a stunning $5.7 billion six years ago, but ended up filing for bankruptcy last May.
The next month a group of creditors led by Fortress Investment Group picked up the company for a relative song, at $350 million.
Many digital media startups have been unable to convert enthusiasm for their brand into the kinds of revenues that investors had projected.
A slowdown in the online advertising market and tightening of credit conditions last year made the situation increasingly challenging for relatively young media companies like Vice.
Vice was founded in 1994 as a Canadian magazine and grew into an online media group with news websites and television operations.
It cultivated a "bad boy" image and its success captured the attention of the media world as it connected with young audiences.
But in 2018 co-founder Shane Smith stepped down as chief executive after the group was tainted by reports of workplace harassment, which led to the dismissal of three employees.
P.Benes--TPP
