After declaring bankruptcy in the US in May, the company was acquired by Fortress Investment Group.
Vice intends to “partner with established media companies to distribute our digital content,” according to Mr. Dixon.
This year, employment cuts have also been made by media companies like Channel 4, Los Angeles Times, and Business Insider.
“It is no longer cost-effective for us to distribute our digital content the way we have done previously,” Mr. Dixon stated in the memo obtained by the news.
“Regrettably, this means that we will be reducing our workforce, eliminating several hundred positions,” he stated.
Mr. Dixon stated that the announcement will be made in the upcoming weeks and that the corporation is still selling the business.
Vice previously announced layoffs by ending its flagship TV show before applying for Chapter 11 bankruptcy protection, a process that delays a US company’s responsibilities to its creditors.
Vice Media was established in 1994 by Shane Smith, Gavin McInnes, and Suroosh Alvi as a fringe publication known as Voice of Montreal. It now has operations in over 30 nations.
