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Search resuls for: "Hozefa Lokhandwala"


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☆ Vice to end several news shows and lay off dozens of staffers in hollowing out of news division
  + stars: | 2023-11-09 | by ( Liam Reilly | ) edition.cnn.com   time to read: +2 min
CNN —Vice Media, the one-time digital media darling that has seen its value and influence greatly diminish in recent years, moved on Thursday to further hollow out its once prestigious news division, shutting down several shows and laying off dozens of staffers. “To be clear, Vice News is not going away,” the company’s co-chief executives, Bruce Dixon and Hozefa Lokhandwala, said in a memo to staff obtained by CNN. “Vice will continue to produce digital news, as well as Vice News documentaries, both series and films, for FAST Channels, streaming services and other partners.”In April, Vice Media ended “Vice News Tonight,” its flagship program, citing restructuring that would result in cuts across the organization, CNN previously reported. In June, the digital media company was purchased by three investment companies, including Fortress Investment Group, for $350 million. A person familiar with the matter said “less than 100” staffers would be laid off.
Persons: “, Bruce Dixon, Hozefa Lokhandwala, ”, Dixon, Lokhandwala, CJTtiYXJML —, ” CNN’s Oliver Darcy Organizations: CNN —, Media, CNN, “, FAST, Fortress Investment, Union, Company
☆ 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
☆ 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.
☆ Vice Media files for Chapter 11 bankruptcy protection
  + stars: | 2023-05-15 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +1 min
London CNN —Vice Media filed for Chapter 11 bankruptcy protection Monday to facilitate a sale of the company, according to court documents and a statement from the struggling media group. The company, which publishes websites such as Vice, Motherboard, made the filing in the Southern District of New York. The sale process would allow other parties to submit “higher or better bids” for the company, it added. “This accelerated court-supervised sale process will strengthen the company and position Vice for long-term growth,” said co-chief executive officers Bruce Dixon and Hozefa Lokhandwala. News of the proposed sale comes weeks after the company announced a major restructuring, canceling its popular program “Vice News Tonight” and cutting dozens of jobs.
☆ Vice Media files for bankruptcy to enable sale to lenders including Soros and Fortress
  + stars: | 2023-05-15 | by ( Elliot Smith | ) www.cnbc.com   time to read: +2 min
Once a digital media darling, Vice Media Group on Monday filed for bankruptcy protection after years of financial troubles. Vice is one of several digital media and technology firms forced to restructure this year amid a sluggish economy and weak advertising market. To facilitate its sale, Vice filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. The consortium's bid includes a commitment of $20 million in cash to enable Vice's operations to continue throughout the sale process. Vice Co-CEOs Bruce Dixon and Hozefa Lokhandwala said in a statement that the sale process will "strengthen the Company and position VICE for long-term growth."
☆ 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 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.
☆ Vice Media names co-CEOs to replace veteran exec. Nancy Dubuc- NYT
  + stars: | 2023-02-27 | by ( ) www.reuters.com   time to read: 1 min
Feb 27 (Reuters) - Digital media firm Vice Media named co-chief executive officers to replace veteran television executive Nancy Dubuc who announced her departure last week, the New York Times reported on Monday. Chief Financial Officer Bruce Dixon and Chief Strategy Officer Hozefa Lokhandwala will helm the top role together, according to the Times. The company did not immediately respond to a Reuters request for comment. Reporting by Eva Mathews in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.
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