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Vice Media to Reorganize, Lay Off 10 Percent of Staff
Vice Media is planning a reorganization that will include laying off about 10 percent of its workforce as the once high-flying startup looks to rein in an unwieldy business that grew quickly during the height of the digital boom.
Around 250 jobs are expected to be cut, a company spokeswoman tells The Hollywood Reporter, as the 2,500-person Vice reduces redundancies internationally and reorients to focus on growth areas like film and television production and branded content. All departments at every level are expected to have layoffs, from IT to finance to television.
[...] It is crucial that Vice, which the Wall Street Journal reported in November was on track to bring revenue between $600 million and $650 million in 2018, become profitable as investors get antsy for the company to find a buyer. Disney took a $157 million write-down on its Vice stake in November.
Also at TechCrunch.
Another link from AC: Newsflash: The Trump Curse? Vice Media Cuts 10% of Staff after HuffingtonPost & BuzzFeed Layoffs
Related: BuzzFeed to Cut 15% of Staff in New Round of Layoffs
Over 1,000 Media Jobs Lost in One Day
(Score: 5, Insightful) by Phoenix666 on Saturday February 02 2019, @03:00PM (2 children)
There's a guy called Styxhexenhammer666 on YouTube who had an interesting take on the media lay-offs this week. He describes himself as a libertarian, I think. Anyway he said the opinion sections of the media, which has come to be the majority of what the media does now, has no value in an age when millions of guys like him can put out opinions too for next to nothing. In short, the traditional media is far too top-heavy in the production of content that one guy in a basement can match, so they are being out-competed.
I think it's a good thing in the long term, that will be quite painful for people in the traditional media in the short term. Getting knocked off your pedestal always is--"pride goeth before the fall," and all that. Ultimately the tradional media will be forced to return to actual reporting and investigation, because it's the only thing that does have value in that business; simultaneously citizen journalists might step up to a higher level also.
Washington DC delenda est.
(Score: 0) by Anonymous Coward on Saturday February 02 2019, @03:31PM (1 child)
Not to mention the basement guys can say whatever they want while most of the news media has to respect their corporate overlords.
(Score: 0) by Anonymous Coward on Saturday February 02 2019, @10:02PM
** spoon clank **