Vice To Lay Off 10 Per Cent Of Its Global Workforce

The Vice Media Inc. application (app) is displayed on an Apple Inc. iPhone 5s for an arranged photograph in Washington, D.C., U.S., on Monday, Aug. 11, 2014. Vice Media, backed by billionaire Rupert Murdoch, has said that it's poised to double revenue to $1 billion by 2016. Co-founder Shane Smith had said a March interview with Bloomberg Television that Vice Media may pursue an initial public offering. Photographer: Andrew Harrer/Bloomberg via Getty Images
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Vice is set to axe around 250 jobs from its global workforce in an effort to cut costs and achieve profitability in a wavering advertising market.

The job cuts follow the recently announced redundancies at HuffPost and BuzzFeed.

Around 250 employees will be impacted by the cuts as new Vice CEO Nancy Dubuc attempts a “strategic restructure” that will see the media company focus on growth across its film, television production and branded content spaces.

In an email sent to all staff, Dubuc said Vice needed to “operate more nimbly, focusing our energies and investments on core strengths”.

She said: “To this end, we’ve had to make hard but necessary operating decisions. Starting today, the next phase of our plan begins as we reorganise our global workforce.

“Unfortunately, this means we will have to say goodbye to some of our Vice colleagues”.

B&T reached out to Vice Australia for a comment, however, they could not offer any additional information other than what was reported in the Hollywood Reporter.

The Hollywood Reporter revealed all departments at every level are expected to receive layoffs.

Employees across the US, UK and Canada are believed to have been told about the job cuts last week, with the rest of the global cuts coming in the next few weeks.

It is currently unclear how the job cuts will affect the Australian branch of Vice.

Dubuc, former chief of A+E Networks (TV broadcasting company), took over as CEO of Vice at the end of May last year.

She replaced the company’s founder Shane Smith, who announced in March he would step back into the role of executive chairman.

Dubuc joined Vice following a turbulent period after ex-employees came forward with allegations of a toxic workplace and high-level staff members accused of sexual misconduct.

 

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