Vice Media is set to cut a significant number of jobs and cease publication on Vice.com as part of a restructuring plan, following its bankruptcy filing in May and subsequent acquisition by Fortress Investment Group.
CEO Bruce Dixon outlined in a memo that Vice aims to collaborate with established media entities for digital content distribution, indicating a strategic shift in response to evolving cost considerations, the BBC reported.
The move aligns with recent trends in the media industry were job cuts are rife. Vice, one a notable voice for fashion and valued at 5.7 billion dollars in 2017, had aspired to revolutionise traditional media but has faced financial challenges, prompting a reassessment of its distribution approach.
The company is actively seeking a buyer for its business, the BBC said.
