 Nancy Dubuc |
Vice Media is slashing 10 percent of its 2,500-member workforce as CEO Nancy Dubuc seeks to cut costs and earn a profit.
Dubuc, who succeeded Vice founder Shane Smith in May, told staffers the once fast-growing Vice, which had offices in about 40 countries, will now concentrate on reaching corporate goals and hitting its marks.
“All departments at every level will see some impact,” Dubuc wrote in her memo to staff. “While this makes us a stronger business going forward, it is difficult for all of us to go through and we do not make these decisions lightly.”
She promised to make Vice "the best manifestation of itself and cement its place long into the future."
Dubuc, formerly CEO of A+E Networks, is consolidating international units into regions and targeting news, studios, TV, digital and advertising for growth.
Vice, which is 25 years old, cut two percent of its workforce in 2017 and put a hiring freeze in place last year.
Walt Disney Co., Fox and TPG have invested more than $1B in Vice.
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
Have a comment? Send it to 
No comments have been submitted for this story yet.