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Vice Media Latest Digital Media Operation To Undergo Layoffs
Vice Media is the latest media company to be swept up in a recent wave of layoffs, as publishers struggle for profits in an advertising world dominated by large internet companies.
Chief Executive Officer Nancy Dubuc announced a reorganization Friday that will result in a 10% staff reduction that will hit about 250 people. The veteran television executive is reorienting Vice to focus on film and television production, as well as branded content.
āHaving finalized the 2019 budget, our focus shifts to executing our goals and hitting our marks,ā Dubuc said in a memo sent to staff. āWe will make Vice the best manifestation of itself and cement its place long into the future.ā
Viceās layoffs come just a week after BuzzFeed said it would cut 15% of its workforce, or about 200 jobs, and Verizon Media Group, which includes HuffPost, Yahoo and AOL, eliminated 800 positions. The job cuts arenāt isolated to digital media. Gannett Co., the nationās largest newspaper group, shed 400 employees at its daily newspapers.
Veteran media analyst Ken Doctor said the media world, digital and print alike, is impacted by the Google-Facebook duopoly. Together with Amazon, these digital ad dynamos capture a combined 62% of the digital advertising market in the U.S. last year, according to researcher eMarketer, leaving revenue scraps for media companies that rely on advertising sales to underwrite the cost of business.
āAll of these are ad-dependent companies, and ad-dependent companies have run into the problem where the hockey stick of growth is bent, if not broken,ā said Doctor.
Viceās job cuts are not altogether unexpected. Last fall, the company instituted a hiring freeze, as it attempted to reduce its workforce through attrition. Now, it has taken the more drastic step of job cuts. The media company will restructure its operations, transitioning from a global workforce organized by region to one built around its lines of businessāits film and television production unit, its international news operation, its digital business, its television team and its ad agency. Viceās support operations, such as human resources and legal, will be centralized in Brooklyn.
āThis shift centralizes many roles and eliminates overlap,ā Dubuc wrote. āIt touches everyone at VICEāfrom finance to TV and editorial to ITāall departments at ever level will see some impact.ā...
Vice used to be cool and interesting until it sold out to corporate investors and just became another corporate fake news outlet masquerading as grass roots journalism.
I stopped watching when Vice started churning out article after article about trans and gay stuff and became just another, corporate sock puppet to attack Trump. Even Motherboard (which I enjoyed a lot for a while) took the same, left turn.
Vice Media is the latest media company to be swept up in a recent wave of layoffs, as publishers struggle for profits in an advertising world dominated by large internet companies.
Chief Executive Officer Nancy Dubuc announced a reorganization Friday that will result in a 10% staff reduction that will hit about 250 people. The veteran television executive is reorienting Vice to focus on film and television production, as well as branded content.
āHaving finalized the 2019 budget, our focus shifts to executing our goals and hitting our marks,ā Dubuc said in a memo sent to staff. āWe will make Vice the best manifestation of itself and cement its place long into the future.ā
Viceās layoffs come just a week after BuzzFeed said it would cut 15% of its workforce, or about 200 jobs, and Verizon Media Group, which includes HuffPost, Yahoo and AOL, eliminated 800 positions. The job cuts arenāt isolated to digital media. Gannett Co., the nationās largest newspaper group, shed 400 employees at its daily newspapers.
Veteran media analyst Ken Doctor said the media world, digital and print alike, is impacted by the Google-Facebook duopoly. Together with Amazon, these digital ad dynamos capture a combined 62% of the digital advertising market in the U.S. last year, according to researcher eMarketer, leaving revenue scraps for media companies that rely on advertising sales to underwrite the cost of business.
āAll of these are ad-dependent companies, and ad-dependent companies have run into the problem where the hockey stick of growth is bent, if not broken,ā said Doctor.
Viceās job cuts are not altogether unexpected. Last fall, the company instituted a hiring freeze, as it attempted to reduce its workforce through attrition. Now, it has taken the more drastic step of job cuts. The media company will restructure its operations, transitioning from a global workforce organized by region to one built around its lines of businessāits film and television production unit, its international news operation, its digital business, its television team and its ad agency. Viceās support operations, such as human resources and legal, will be centralized in Brooklyn.
āThis shift centralizes many roles and eliminates overlap,ā Dubuc wrote. āIt touches everyone at VICEāfrom finance to TV and editorial to ITāall departments at ever level will see some impact.ā...
Vice used to be cool and interesting until it sold out to corporate investors and just became another corporate fake news outlet masquerading as grass roots journalism.
I stopped watching when Vice started churning out article after article about trans and gay stuff and became just another, corporate sock puppet to attack Trump. Even Motherboard (which I enjoyed a lot for a while) took the same, left turn.
