Vice Media slashes 10% of workforce amid reorganization

Vice Media slashes 10% of workforce amid reorganization

"To this end, we've had to make hard but necessary operating decisions. Unfortunately, this means we will have to say goodbye to some of our Vice colleagues", she said.

Vice Media is slashing 10 percent of its 2,500-member workforce as CEO Nancy Dubuc seeks to cut costs and earn a profit. The priorities are film and TV production unit, Studios, an global news team, the digital business, the TV operation led by Viceland and ad agency Virtue, while human resources, legal and business development will report into Vice Brooklyn's headquarters or a regional area.

Shane Smith during the 2017 Mobile World Congress in Barcelona, Spain.

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For Vice, the Brooklyn-based company that became a darling of new media, the cuts represent a humbling setback and a marked shift from its once-bullish outlook.

Vice is attempting to streamline a business that grew exponentially in the digital boom and a spokeswoman told The Hollywood Reporter that the cuts are consistent with reorienting Vice's efforts toward film and television production and branded content. The 25-year-old company, which began as a punk rock and fashion magazine with characters like Smith and Gavin McInness, now has a valuation of $5.7 billion with more than $1 billion in investments from companies like Fox and Disney, according to THR.

"Asia represents a huge cultural opportunity - and as per the reporting, Vice will be organising through all lines of business, Vice Studios, Virtue, Digital, TV, and News not separated by language, culture, and territorial borders".

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