Vice Media, a one-time digital journalism sensation, will now not publish tales and different content material on its web site, based on a memo despatched to workers on Thursday.
The corporate, which emerged from chapter courtroom safety final 12 months, is restructuring its enterprise as soon as once more. Vice will transition to a studio mannequin, distributing its content material, together with information, on different media platforms, with an emphasis on social media.
“It’s now not cost-effective for us to distribute our digital content material the best way we have now completed beforehand,” CEO Bruce Dixon stated within the memo.
The corporate is continuous with plans to promote its female-focused web site Refinery 29. Further layoffs will happen, with workers notified in coming weeks.
The enterprise, which started as a substitute music and tradition journal in Montreal within the Nineties, raised capital from high-profile traders equivalent to Walt Disney Co. and Fox Corp. earlier than operating right into a slowdown in digital promoting spending. At its peak it was valued at $5.7 billion.
By Christopher Palmeri
Be taught extra:
Vice Media Files for Bankruptcy
Vice Media, which owns Vice, girls’s media model Refinery29 and style and culture-focussed publication i-D, filed for Chapter 11 chapter on Monday.
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