February 1, 2019

LEARN TO CODE: Vice Media Cuts 250 Jobs, 10% of Workforce.

The move is part of a global restructuring that will affect 250 jobs. Vice Media will no longer be organizing its global business according to individual countries, instead collapsing its international divisions into regions and according to its five lines of business, the people said. These lines are Studios, News, Digital, TV and Virtue, the company’s in-house advertising agency.

The company’s weekly show on HBO—called “Vice,” and long its most high-profile brand flagship—will also be ending, though the daily news show will continue. Some staff from the weekly show will be redeployed into new documentary products, according to one of the people.

The Vice layoffs follow similar cutbacks at other digital publishers, which are reckoning with an increasingly difficult online-advertising market and investors whose backing came with the expectation of red-hot returns.

Last week, BuzzFeed said it was cutting around 250 jobs, or 15% of its workforce, as it tries to get on a path to profitability. Verizon Media Group cut staff at its HuffPost and Yahoo News units, and Mic.com, another digital publisher, laid off almost all of its employees before selling itself to Bustle Digital Group. Refinery29 cut about 10% of its workforce in October.

I can say “learn to code” here, because this isn’t Twitter. Related thoughts here.

UPDATE: From the comments: “The increasingly difficult on line advertising market is another way of saying Google-Facebook duopoly. It would be delicious to have these layoffs used as evidence in the antitrust suit.”

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