Overview

• Vice Media Group announced less than 100 job cuts and ended multiple news shows as part of a company-wide restructuring. The ‘Vice on Showtime’ was already cancelled in July
• The restructuring will reduce the company's business divisions from five to two: 'publishing, news and creative services', and 'studios, television and distribution'
• The Vice union accused management of 'contempt' for its employees, responding to the layoffs in a statement which critiqued how the layoffs were handled
• Co-CEOs Bruce Dixon and Hozefa Lokhandwala addressed the internally circulated memo stating the possibility of more country or market closures in continuing company market review
• Vice Media was sold for $350 million in a bankruptcy sale in June to lenders Fortress, Soros Fund Management, and Monroe Capital after filing for Chapter 11 bankruptcy protection in May