Vice Media Lays Off Hundreds as Company Shifts Focus from Website to Social Content
• Vice Media plans to lay off several hundred employees and will no longer publish content on Vice.com • Vice filed for bankruptcy last year before being sold for $350 million to a consortium led by Fortress Investment Group • Vice is looking to sell its Refinery29 publishing business • Vice was once valued at $5.7 billion in 2017 during a period of growth, but has faced recent financial struggles • Vice will shift focus to a studio model and distributing content through social channels rather than its Vice.com website