Vice media will be slashing about 10% of its workforce as part of a reorganization aimed at tightening spending to achieve profitability, according to The Hollywood Reporter.
The moves, part of new CEO Nancy Dubuc’s strategic plan, come as “the once high-flying startup looks to rein in an unwieldy business that grew quickly during the height of the digital boom,” THR reports. “Around 250 jobs are expected to be cut, a company spokeswoman tells The Hollywood Reporter, as the 2,500-person Vice reduces redundancies internationally and reorients to focus on growth areas like film and television production and branded content.”
The report adds: “All departments at every level are expected to have layoffs, from IT to finance to television.”
The report quotes a memo from Dubuc sent to staffers Friday morning, saying: “Having finalized the 2019 budget, our focus shifts to executing our goals and hitting our marks. We will make Vice the best manifestation of itself and cement its place long into the future.”