Deadline: Vice Media Group Lays Off More Staff

Story from Deadline:

Vice Media Group is beginning a restructuring process that will see the departure of a number of employees.

The youth-skewing broadcaster is undergoing its latest round of layoffs this year as it winds down a number of long-running news programs. Sources told Deadline that less than 100 people are impacted.

Vice CEOs Bruce Dixon and Hozefa Lokhandwala revealed the news in a memo sent to staff this morning, which Deadline has obtained a copy of.

It comes as Vice on Showtime was canceled after season four and Vice News Tonight ended.

Dixon and Lokhandwala were named co-CEOs in February following the departure of Nancy Dubuc. From there, they’ve had a busy year, laying off staff in April with the cancelation of Vice News Tonight, and in August following its bankruptcy sale.

The company was acquired at the end of July by a group of its former lenders, Fortress Investment Group, Soros Fund Management and Monroe Capital.

However, it stressed that Vice is not getting out of news and is still creating news across multiple platforms.

It also has its studio business, which is behind projects including the Superpower documentary with Sean Penn for Paramount+, and Encounters for Netflix, produced with Steven Spielberg’s Amblin Television

As part of its restructure, it is turning five divisions into two. The publishing, news and creative division will include its publishing teams across entertainment and news as well as ad agency Virtue and its commercial group. A new Studios, Television and Distribution division includes Vice Studios, Pulse Films, Vice News Films, Vice TV and distribution.