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Vice Media is cutting 10% of its workforce, according to people familiar with the matter, adding to mounting concerns about the future of new media companies that once seemed to hold the keys to the online-publishing business.
The move is part of a global restructuring that will affect 250 jobs. Vice Media will no longer be organizing its global business according to individual countries, instead collapsing its international divisions into regions and according to its five lines of business, the people said. These lines are Studios, News, Digital, TV and Virtue, the company’s in-house advertising agency.
The report goes on to state the following:
The company’s weekly show on HBO—called “Vice,” and long its most high-profile brand flagship—will also be ending, though the daily news show will continue. Some staff from the weekly show will be redeployed into new documentary products, according to one of the people.
The Vice layoffs follow similar cutbacks at other digital publishers, which are reckoning with an increasingly difficult online-advertising market and investors whose backing came with the expectation of red-hot returns.
Vice Media is cutting 10% of its workforce, amounting to about 250 jobs, as part of a global realignment of its business https://t.co/HKTScL63jQ
— The Wall Street Journal (@WSJ) February 1, 2019
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