 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 and Technology Group Corp. has replaced CEO and former California Congressman Devin Nunes with Kevin McGurn, a seasoned media sales executive.
The Pittsburgh Post-Gazette is being bought by the Venetoulis Institute for Local Journalism, a nonprofit that is the parent organization of the Baltimore Banner... The British Broadcasting Corporation is axing approximately 2,000 jobs, about 10 percent of its work force... Snap, the company behind Snapchat, is also succumbing to layoff fever, announcing plans to lay off 16 percent of its employees, about 1,000 people.
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