Vice Media hit with another round of layoffs as it looks to stabilize ad business
Vice Media is set to layoff 10% of its staff, around 250 positions, across all departments as the company continues to suffer slow revenue growth.
"Having finalized the 2019 budget, our focus shifts to executing our goals and hitting our marks," Vice chief executive officer Nancy Dubuc wrote in an internal memo. "We will make Vice the best manifestation of itself and cement its place long into the future."
Today's restructuring continues Dubuc's effort to focus more resources on Vice's internal agency Virtue while building out TV, film and branded content productions. The news was first reported by The Hollywood Reporter.
Vice Media suffers more layoffs
Vice went through a reorganization late last year after projecting revenue growth $100m short of expectations.
Yesterday (31 January) Vice signed a deal with advertising platform Teads to better scale and further monetize its video and viewable display inventory.
Alex Payne, vice-president global programmatic solutions at Vice, said working with Teads will help the struggling company "deliver reliable and consistent high-quality brand video content through ad formats that perform yet respect our users’ experience.
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"We see them as part of our growth internationally, supporting our strategy to align with demand partners that share our presence and aspirations on a global scale," said Payne.
A spokesperson from Vice confirmed the latest round of layoffs, but would not comment on how Vice is building out its ad business amid its restructuring.
Vice recently formed a group with BuzzFeed, Group Nine and Tubular Labs to create industry standards on video measurements as the entire digital publishing industry looks for ways to better monetize its content.
BuzzFeed recently cut 15% of its staff. The Huffington Post has axed 7% of its staff, too.