{"id":63560,"date":"2024-02-23T15:45:13","date_gmt":"2024-02-23T15:45:13","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/digital-media-upstart-vice-laying-off-several-hundred-staff-chief-executive\/"},"modified":"2024-02-23T15:45:13","modified_gmt":"2024-02-23T15:45:13","slug":"digital-media-upstart-vice-laying-off-several-hundred-staff-chief-executive","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/digital-media-upstart-vice-laying-off-several-hundred-staff-chief-executive\/","title":{"rendered":"Digital media upstart Vice laying off \u2018several hundred\u2019 staff: chief executive"},"content":{"rendered":"<p><\/p>\n<div dir=\"auto\">\n<p><em>Vice<\/em>, the dynamic, fast-growing digital media company that gained a wide following with young readers, said on Thursday it will no longer publish on its flagship website and is eliminating hundreds of jobs.<\/p>\n<p>Millennial-focused and known for its edgy news and lifestyle content, <em>Vice<\/em> had been among the rising stars of a new breed of digital media firms but struggled as advertising revenues shrank.<\/p>\n<p>The move is the latest dose of depressing news for America\u2019s struggling media industry, which saw <em>BuzzFeed News<\/em> <a href=\"https:\/\/www.dawn.com\/news\/1748742\">close<\/a> up shop last year after 12 years in business.<\/p>\n<figure class=\"media  sm:w-1\/2  w-full  media--right  media--embed  media--uneven\">\n<p>    <iframe class=\"nk-iframe\" onload=\"setInterval(()=&gt;{try{this.style.height=this.contentWindow.document.body.scrollHeight+'px';}catch{}}, 100)\" width=\"100%\" frameborder=\"0\" scrolling=\"no\" style=\"height:400px;position:relative\" src=\"https:\/\/www.dawn.com\/news\/card\/1753075\" sandbox=\"allow-same-origin allow-scripts allow-popups allow-modals allow-forms\"><\/iframe><\/p>\n<\/figure>\n<p>\u201cWith this strategic shift comes the need to realign our resources and streamline our overall operations at <em>Vice<\/em>,\u201d Bruce Dixon, chief executive of <em>Vice<\/em> Media Group, told employees in a memo, copies of which were posted online by several <em>Vice<\/em> reporters.<\/p>\n<p>\u201cRegrettably, this means that we will be reducing our workforce, eliminating several hundred positions.\u201d Dixon said it is \u201cno longer cost-effective for us to distribute our digital content the way we have done previously.\u201d<\/p>\n<p>Moving ahead, the company \u201cwill 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,\u201d he added.<\/p>\n<p>Employees affected by the layoffs will be notified early next week.<\/p>\n<p>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.<\/p>\n<p>The next month a group of creditors led by Fortress Investment Group picked up the company for a relative song, at $350 million.<\/p>\n<p>Many digital media startups have been unable to convert enthusiasm for their brand into the kinds of revenues that investors had projected.<\/p>\n<p>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 <em>Vice<\/em>.<\/p>\n<p><em>Vice<\/em> was founded in 1994 as a Canadian magazine and grew into an online media group with news websites and television operations.<\/p>\n<p>It cultivated a \u201cbad boy\u201d image and its success captured the attention of the media world as it connected with young audiences.<\/p>\n<p>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>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Vice, the dynamic, fast-growing digital media company that gained a wide following with young readers, said on 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 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":63561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/i.dawn.com\/large\/2024\/02\/231255360fe5631.png?r=125548","fifu_image_alt":"","footnotes":""},"categories":[13],"tags":[],"class_list":["post-63560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"Vice, the dynamic, fast-growing digital media company that gained a wide following with young readers, said on Thursday it will no longer publish on its flagship website and is eliminating hundreds of jobs. 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