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☆ The hollowing out of Vice and BuzzFeed marks the end of the digital media revolution
▼ + stars: | 2024-02-23 | by ( Oliver Darcy | ) edition.cnn.com time to read: +5 min

New York CNN —The digital media revolution is over. Its two leaders, Vice Media and BuzzFeed , are in a frenetic retreat, surrendering much of their online empires as they try to protect what remains of their core assets. The demise of Vice Media as we know it is a particularly hard pill to swallow. Ahead of the announcement, the mood inside Vice Media was grim. Dixon said in his note that Vice Media had determined it was “no longer cost-effective” for the company to distribute its digital content on its own.

Persons: “, ”, they’re, I’m, Bruce Dixon, Benjamin Mullin, Dixon, Shane Smith Organizations: New York CNN, Vice Media, Media, Big Tech titans, Fortress Investment, Sports Locations: New York

☆ Vice to lay off hundreds of staffers, stop publishing content on its website
▼ + stars: | 2024-02-22 | by ( Oliver Darcy | ) edition.cnn.com time to read: +3 min

Ahead of the announcement Thursday, the mood inside Vice Media was grim. Vice Media, once a high-flying digital media startup valued at billions of dollars, has struggled immensely in recent years. The radical strategic shift announced by Dixon effectively marked the end of Vice Media as the industry has known it. Once held up as the future of the business, Vice Media has rapidly contracted over the last 12 months, ending several news programs and laying off staffers. Vice Media joins a long list of digital publishers that have announced painful layoffs in recent months.

Persons: Bruce Dixon, ” Dixon, Dixon, ”, Shane Smith, Nancy Dubuc, BuzzFeed Organizations: CNN —, Media, CNN, Vice Media, Fortress Investment Group, “ Locations: “

☆ Vice Media will stop publishing on its website and lay off hundreds. Read the memo its CEO sent to staff.
▼ + stars: | 2024-02-22 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Read previewVice Media is in the process of shutting down its website and shifting focus to its studio, which will involve laying off hundreds, CEO Bruce Dixon wrote in a staff memo Thursday. Vice is also in the process of selling the woman-aimed site Refinery.com, which it acquired in 2019, Dixon wrote. In addition to its flagship Vice.com, Vice Media operates Vice Studios, a film and TV production business; and ad agency Virtue. However, it is no longer cost-effective for us to distribute our digital content the way we have done previously. Separately, Refinery 29 will continue to operate as a standalone diversified digital publishing business, creating engaging, social first content.

Persons: —, Bruce Dixon, Dixon, Vice.com, Shane Smith, Bruce Organizations: Service, Business, Fortress Investment, Vice Media, Vice Studios, Employees

☆ Vice Media, once worth billions, set to be acquired out of bankruptcy by its creditors for $225 million
▼ + stars: | 2023-06-22 | by ( Oliver Darcy | ) edition.cnn.com time to read: +2 min

CNN —Vice Media, the once-high flying digital media company valued at billions of dollars, is set to be acquired out of bankruptcy by three investment companies, including Fortress Investment Group, for $225 million. Bruce Dixon and Hozefa Lokhandwala, co-chief executives of Vice Media Group, informed staff of the decision in a memo Thursday morning. The acquisition agreement is the latest in a tumultuous period for Vice Media, which was once held up as the future of the business. Vice Media filed for Chapter 11 bankruptcy in mid-May. A person familiar with the matter told CNN that GoDigital was preparing to submit a bid between $300 million and $350 million.

Persons: —, Bruce Dixon, Hozefa Lokhandwala, ” Dixon, Lokhandwala, ”, Shane Smith, Nancy Dubuc, Monroe, GoDigital Organizations: CNN —, Media, Fortress Investment, Soros Fund Management, Monroe, Vice Media, “, Soros, GoDigital Media Group, CNN Locations: Fortress

☆ Meet GoDigital, the happiness-obsessed company that wants to buy Vice Media
▼ + stars: | 2023-06-16 | by ( Alex Sherman | ) www.cnbc.com time to read: +8 min

Vice Media Group logo Pavlo Gonchar | Lightrocket | Getty ImagesWhen Suroosh Alvi, Gavin McInnes and Shane Smith founded Vice magazine, which later expanded to Vice Media, they built a business based on a punk rock, counterculture image. GoDigital Media Group is a privately held conglomerate that owns video and music rights, especially in the Latin genre, and an array of different businesses. GoDigital plans to bid for Vice on Tuesday at a price between $300 million and $400 million, according to people familiar with the company's thinking. He will preach that message to Vice's employees on Day One if GoDigital acquires the company, he said. Smith, Vice's executive chairman and former CEO, couldn't be reached for comment.

Persons: Pavlo Gonchar, Suroosh Alvi, Gavin McInnes, Shane Smith, Smith, Jason Peterson, Logan Mulvey, GoDigital, Jason DeRulo, Peterson, Berkshire Hathaway, what's, Mulvey, John Leguizamo, Craig Greiwe, Sean, Diddy, Combs, couldn't, haven't, ' Peterson, Alex Wallace, Wallace, Gay Hendricks, We're, Adam Neumann's, I'm Organizations: Media, Lightrocket, Vice Media, GoDigital Media, Berkshire, Eastern Mountain Sports, NGL, Fortress Investment, Soros Fund Management, Monroe Capital, Fortress, Yahoo, CNBC Locations: Brooklyn , New York, Los Angeles

CNN —A Michigan teen who used a slingshot to ward off a kidnapper from his sister told CNN he “grabbed anything I could get” to save her. Shane Smith told CNN Saturday. Owen spotted the attack from inside his home and used his slingshot to hit the attempted kidnapper twice. The kidnapper then fled into the woods, taking a well-used trail used by the community, police said. Owen said he got his first slingshot when he was “probably seven or eight.”Owen said the community in Alpena has been showing support for him.

☆ Vice Media's bankruptcy has 'killed the ad pipeline' for the company, sources say, as questions about its future roil staffers
▼ + stars: | 2023-05-18 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +5 min

Vice Media filed for Chapter 11 bankruptcy on May 15, leaving current and laid-off staffers anxious over what's next. One advertising source told Insider, "The bankruptcy has killed the ad pipeline." Employees who were laid off in recent weeks are demanding answers about how the company's bankruptcy will affect the terms of their departure. One of the former execs told Insider they were just keeping their fingers crossed that payments come through. A person close to the company said Vice Media intends to pay severance and COBRA, subject to court approval.

[1/2] Co-Founders of VICE Shane Smith (L) and Suroosh Alvi (R) pose as they arrive for the 20th Annual Webby Awards in Manhattan, New York, U.S., May 16, 2016. REUTERS/Mike SegarMay 15 (Reuters) - Vice Media Group, popular for websites such as Vice and Motherboard, filed for bankruptcy protection on Monday to engineer its sale to a group of lenders, capping years of financial difficulties and top-executive departures. Vice listed both assets and liabilities in the range of $500 million to $1 billion. Vice was among a group of fast-rising digital media ventures that once had rich valuations as they courted millennial audiences. It rose to prominence alongside its co-founder Shane Smith, who built his media empire from a single Canadian magazine.

☆ Vice Media files for Chapter 11 bankruptcy to facilitate sale
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

May 15 (Reuters) - Vice Media Group, popular for websites such as Vice and Motherboard, filed for bankruptcy protection on Monday to engineer its sale to a group of lenders, capping years of financial difficulties and top-executive departures. The company listed both assets and liabilities in the range of $500 million to $1 billion, according to a court filing. Vice was among a group of fast-rising digital media ventures that once commanded rich valuations as they courted millennial audiences. It rose to prominence alongside its co-founder, Shane Smith, who built his media empire from a single Canadian magazine. In April, the company said it would cancel popular TV program "Vice News Tonight" as part of a broader restructuring that would result in job cuts across the digital media firm's global news business.

☆ Once valued at nearly $6 billion, Vice files for bankruptcy
▼ + stars: | 2023-05-15 | by ( Claire Atkinson | Cheryl Teh | ) www.businessinsider.com time to read: +4 min

Vice filed for bankruptcy, wiping out equity holders who poured in hundreds of millions, including TPG and James Murdoch. The company filed for Chapter 11 bankruptcy on Monday in New York's Southern District Court. The company's filing listed assets and liabilities in the range of $500 million to $1 billion. Vice had run multiple sales processes with a range of different banks but never received an offer palatable to its owners. The bankruptcy filing reveals just how many companies and investors pinned their hopes on Smith's hype about the potential growth trajectory of the TV and online venture.

☆ Vice staffers fear salary and severance payments could be impacted as the company moves closer to bankruptcy
▼ + stars: | 2023-05-09 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +4 min

Vice is expected to file for bankruptcy, and some staffers fear salary or severance payments could be affected. The WGA East represents the Vice Union and said it will work to ensure members receive "everything owed." Vice has cut dozens of staff along with canceling its cable show "Vice News Tonight." Last month Vice said it was axing "Vice News Tonight," which once aired on HBO but shifted in 2019 to Vice's own cable channel, Vice TV. A second Vice insider said: "Hundreds of people lose their jobs and Shane gets his back?

☆ Vice Media preparing to file for bankruptcy - NYT
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike SegarMay 1 (Reuters) - Vice Media Group, the company behind popular media websites such as Vice and Motherboard, is preparing to file for bankruptcy, the New York Times reported on Monday, citing people with knowledge of its operations. "Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning. Last week, Vice Media said it will cancel popular TV program "Vice News Tonight" as part of a broader restructuring that will result in job cuts across the digital media firm's global news business, capping years of financial difficulties and top-executive departures. Vice Media was among a group of fast-rising digital media ventures that once commanded rich valuations, as they courted millennial audiences. It rose to prominence alongside its provocative co-founder, Shane Smith, who built his media empire from a single Canadian magazine.

☆ Vice Media cancels its flagship ‘Vice News Tonight’ program as it makes ‘painful’ layoffs and restructures the company
▼ + stars: | 2023-04-27 | by ( Oliver Darcy | ) edition.cnn.com time to read: +3 min

New York CNN —Vice Media will cancel its acclaimed program “Vice News Tonight” as part of a broad restructuring that will result in painful cuts across the organization, the company said Thursday. The restructuring will have major implications on news teams at Vice Media. The company will sunset the Vice World News brand and fold its operations under the Vice News umbrella, giving the company a singular news brand. The restructuring comes as Vice Media, once the darling of the industry, explores a sale. CNN, The Washington Post, NPR, Gannett, Vox Media, NBC News, and others have also cut their workforces in recent months.

☆ Inside the demise of Vice, from turning away a $3.5 billion Disney offer to a 'painful' downward spiral that has the media giant scrambling for a buyer
▼ + stars: | 2023-03-21 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +19 min

The talks fizzled, Disney backed off, and Smith set off for California to drum up other interest in Vice Media. Vice Media Group co-CEOs Bruce Dixon, left, and Hozefa Lokhandwala. Vice Media GroupOne former Vice insider familiar with the current situation told Insider that staffers were warning vendors they needed to threaten to stop work in order to get paid. Just a few months later, Rupert Murdoch tweeted, "Who's heard of Vice Media? Refinery29 quickly lost key staff and was not well integrated into Vice Media, the two former staffers said.

☆ Smithfield Foods CEO Defends Pork Producer’s Chinese Ownership
▼ + stars: | 2023-03-14 | by ( Patrick Thomas | ) www.wsj.com time to read: 1 min

Smithfield’s ownership has become a focus of criticism in Washington, D.C.SMITHFIELD, Va.—Smithfield Foods Inc., the country’s largest pork producer, is defending its turf against growing concerns from lawmakers over Chinese control of U.S. agriculture. The Virginia company, which was acquired in 2013 by Chinese pork company WH Group Ltd., said its ownership has helped fuel steady growth over the past decade and export more of its products to China, the world’s biggest pork market. Shane Smith , Smithfield’s chief executive, said WH’s backing has helped the company increase its sales, hire more U.S. workers and expand its plants’ processing capabilities.

☆ Vice CEO Nancy Dubuc calls it quits after 5 years. Read her full memo to staff.
▼ + stars: | 2023-02-24 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +3 min

Vice CEO Nancy Dubuc is stepping down after a rocky tenure. Vice has struggled in recent years given the long shadow of its financial situation. Vice CEO Nancy Dubuc told staff in an email Friday that she is leaving the company after five years at the troubled, Brooklyn-based youth media giant. Read the memo Dubuc sent to staff on Friday:Dear Vice Media Group Team,I am writing today with bittersweet news. Despite all this the Vice, Vice Studios, Pulse, as well as Virtue, R29, i-D and Unbothered brands are strong.

Nancy Dubuc notified Vice Media staffers on Friday that she's stepping down from her post as CEO after five years at the company. Dubuc joined Vice in 2018 after leaving her post as CEO of A+E Networks, where she had worked for 20 years. "We thank Nancy for her many contributions and will soon announce new leadership to guide VICE forward into its next stage of growth and transformation." Dubuc's departure comes as Vice, like its digital media peers, facing ongoing challenges with shrinking audience numbers and advertising. Still, Vice ended 2022 with a slight gain in revenue, although the business deteriorated among the macroeconomic headwinds, CNBC previously reported.

☆ Vice owes FTI Consulting nearly $1 million, a new court filing alleges, one of multiple vendors chasing missed payments
▼ + stars: | 2023-02-24 | by ( Claire Atkinson | Jack Newsham | ) www.businessinsider.com time to read: +4 min

Vice Media owes FTI Consulting nearly $1 million in fees, some dating back to 2019, a court filing alleges. FTI is one of several vendors who say they've gone unpaid by the youth media company. The filing alleges that Vice Holding, the parent of Vice Media, hired Washington, DC-based FTI Consulting to help it with accounting projects and management and then failed to pay its bills. Ironically, Vice hired FTI to help it with "profitability analysis" and to design "cash management" tools, according to the filing. Fortress lent Vice $30 million, according to the Wall Street Journal, which confirmed Vice is in a process to sell itself.

☆ Vice Media lays off staff amid a softening advertising environment and sale talk
▼ + stars: | 2022-11-12 | by ( Lucia Moses | ) www.businessinsider.com time to read: +1 min

Vice Media has laid off a handful of editorial staff as it faces a softening advertising environment and sale speculation. Vice Media has laid off editorial staff at the digital news company as it faces a softening advertising environment and sale speculation. The layoffs impacted around a dozen out of a few hundred editorial staff and stemmed from the company's recent consolidation of its news and entertainment divisions under Cory Haik as chief operating officer, according to a knowledgeable source. CNBC reported in May that Vice hired bankers to explore a sale of all or parts of the company. Group Black, an entrepreneurial media collective, was also looking at the company, the Wall Street Journal earlier reported.

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