Vice Media to cut 10% of workforce
Company to cut 250 jobs globally as it seeks profitability
Vice Media is cutting 250 jobs globally as it seeks to achieve profitability. It is the latest round of layoffs as the media industry contracts.
The cuts affect about 10 per cent of Vice's 2,500 staff, said company spokeswoman Danielle Carrig. But she said Vice plans to add jobs as well in departments including sales and digital news as it focuses on its units with potential for growth.
The media industry has been facing a wave of layoffs as Facebook and Google gobble up the bulk of digital advertising dollars.
Digital media company BuzzFeed said last week it is cutting 200 people. Verizon is cutting about 800 jobs in its media division, which includes Yahoo and HuffPost.
Started as a Canadian magazine
Vice has grown from a Canadian magazine to a global media company based in New York.
Some news outlets reported last year that the privately-held company instituted a hiring freeze and might seek a reduction in staff through attrition, but that was not confirmed.
Vice will structure itself around its five businesses: studios, news, digital, TV and Virtue, Vice's advertising segment. Its current structure is organized around its different international offices.