Vice Media stops publishing on website and cuts hundreds of jobs

  • Vice Media is planning to cut hundreds of jobs as it stops publishing on Vice.com.
  • The firm filed for bankruptcy in the US in May and was bought by Fortress Investment Group.
  • The company plans to partner with established media companies to distribute its digital content.
  • The CEO, Bruce Dixon, stated that it is no longer cost-effective for them to distribute their digital content the way they have done previously.
  • This means that several hundred positions will be eliminated.
  • The company continues to sell the business, with an announcement expected in the coming weeks.
  • Vice Media operates in more than 30 countries and was valued at $5.7bn (£4.5bn) in 2017.
  • However, the company’s revenues have been flat for some years and it has also struggled to turn a profit.
  • Vice’s plans to go public through a merger also failed.

Read more at: https://www.bbc.com

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