Vice Media Announces Layoffs and Restructuring, Cancels Several News Shows, Consolidates Divisions

Vice Media cuts less than 100 jobs in new wave of layoffs and ends several news shows, including the earlier cancelled "Vice News Tonight", in restructuring move following sale to investment firms, reducing business divisions from five to two and potentially closing operations in multiple countries.

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