Vice Media has announced a new round of layoffs as they have seen their ad revenue get slashed. Nancy Dubuc, Vice Media CEO, said in a memo to employees that the company is facing “business challenges”. Vice Media is cutting 155 jobs, 55 from the US and 100 Internationally.
“Currently, our digital organization accounts for around 50 percent of our headcount costs, but only brings in about 21 percent of our revenue,” the memo said. “Looking at our business holistically, this imbalance needed to be addressed for the long-term health of our company.”
The 55 American jobs will be cut immediately while the 100 International jobs will be cut over the next few weeks.
“Publishing right now is difficult across the whole industry — plain and simple — and the pandemic has intensified the tensions we all know exist between publishing and advertising,” she wrote.
The New York Post is reporting that a leaked document is planning on laying off 300 employees total. Vice Media laid off employees in 2019 as well.