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Vice Media is laying off 10% of its workforce, or 250 people.
The company is setting itself up to shift from websites to film and TV production and branded content.
Revenue was reportedly flat at about $625 million in 2018 versus 2017.
Vice Media CEO Nancy Dubuc has set plans to lay off 10% of the company’s employees – resulting in the elimination of 250 jobs across all departments – as it looks to slash costs amid a revenue slowdown.
Brooklyn-based Vice last fall instituted a hiring freeze and was hoping to avoid layoffs. With the restructuring, Dubuc is de-emphasizing focus on Vice’s web properties to film, TV production and branded content.
“Having finalized the 2019 budget, our focus shifts to executing our goals and hitting our marks,” Dubuc wrote in a memo to staff Friday. “We will make Vice the best manifestation of itself and cement its place long into the future.” The layoffs at Vice were first reported by THR.
Dubuc, speaking last fall at the New York Times’ DealBook conference, said Vice will become profitable again within the next fiscal year. The CEO noted that Vice was profitable a few years ago, before it invested heavily in the launch of the Viceland cable channel and expanding internationally.
The layoffs come as Vice’s revenue flatlined. In 2018, the company projected revenue to be between $600 million and $650 million (flat with 2017) and was expecting to lose $50 million, The Wall Street Journal reported.
In July 2017, Vice cut around 2% of its then-3,000 employees across multiple departments while at the same time expanding internationally and boosting video production.
Dubuc, former CEO of A+E Networks, was tapped last as CEO of Vice in the wake of a sexual-harassment scandal at the company that has resulted in the exit or firing of several execs. Co-founder Shane Smith shifted into a new role as executive chairman.