Posted BY: Zero Hedge
The downfall of Vice Media Group (VMG) is a perfect example of the challenges media organizations face that shift focuses towards ultra-left-wing ideologies. Despite being worth billions of dollars just several years ago, the company has followed a similar fate as Buzzfeed, now undergoing broad restructuring.
In 2017, Vice Media secured a funding round of $5.7 billion. One of its founders joked about “hockey stick” growth and a “sexy” IPO debut. But that never happened, and fast forward to today, top executives told employees in a memo that the popular TV program “Vice News Tonight” will be canceled, as well as a number of employees will be fired.
“In response to the current market conditions and business realities facing VMG and the broader news and media industry, we are moving forward on some painful but necessary reductions, primarily across our News business,” co-CEOs Bruce Dixon and Hozefa Lokhandwala told employees. They didn’t specify how many job cuts.
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Dixon and Lokhandwala emphasized, “We are NOT exiting the news business, but we are changing the shape of VICE News to position the whole Company for long-term opportunities and improve how we deliver important, ground-breaking journalism well into the future.”
A person familiar with the upcoming layoffs told CNN that the digital media company plans “dozens” of cuts to reduce operational costs.
VMG joins a slew of other media companies that have had no other option but to restructure in recent months due to mounting macroeconomic headwinds and a weak advertising market. Also, many of these firms went ‘woke’ and are quickly going broke.
Last week, BuzzFeed’s CEO Jonah Peretti told employees about restructuring plans that called for a reduction of headcount and the cancellation of BuzzFeed News.
VMG and BuzzFeed are some of the best examples of how to destroy billions of dollars in valuations through woke and rubbish content.
But it’s not just VMG and BuzzFeed hemorrhaging workers. HuffPost’s senior editor Philip Lewis highlighted a list of other media organizations undergoing restructuring efforts.
Vice Media cancels its award-winning “Vice News Tonight” program as it makes ‘painful’ layoffs and restructures the company https://t.co/EYnMQ7PUsE pic.twitter.com/67W3bD2xcE
— philip lewis (@Phil_Lewis_) April 27, 2023
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