Vice Media said it would stop publishing content on its flagship website and plans to cut hundreds of jobs, following a failed effort by owner Fortress Investment Group to sell the embattled digital publisher and its brands.
“It is no longer cost-effective for us to distribute our digital content the way we have done previously,” CEO Bruce Dixon told employees in a memo. He said the company could partner with established media companies to distribute its content. “As part of this shift, we will no longer publish content on vice.com,” he said.
Vice will instead focus on growing its business-to-business media arm, including its production studio and creative agency, according to a person familiar with Fortress’s plans.
In his memo, Dixon told employees, “It is no longer cost-effective for us to distribute our digital content the way we have done previously. Moving forward, we will look to partner with established media companies to distribute out digital content, including news, on their global platforms, as we fully transition to a studio model.”
In his note, Dixon confirmed that Vice will be shutting down its digital operations, including its website. He added that the company will instead emphasize using social channels, where “content will be viewed most broadly.”
The memo also noted that Refinery29, another media brand owned by Vice, “will continue to operate as a stand-alone diversified digital publishing business, creating engaging, social-first content.”
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