Vice Media, Yahoo's Engadget announce job cuts
In a fresh round of layoffs in the media sector, Vice Media and Yahoo-operated Engadget are making big changes by cutting jobs and reorganizing their structures. Vice Media has stopped publishing on its website and plans to fire hundreds of employees, while Engadget has sacked as many as 10 staffers, including its editor-in-chief. Both companies are trying to adapt to the fast-paced media world, focusing on cost-saving measures and increasing revenue.
Vice Media went bankrupt last year
In May 2023, Vice Media went bankrupt in the US and was later bought by Fortress Investment Group for $350 million. CEO Bruce Dixon said in a memo that the company will "partner with established media companies to distribute our digital content" instead of using Vice.com. He explained that "it is no longer cost-effective for us to distribute our digital content the way we have done previously," leading to the loss of several hundred jobs.
Vice Media's plan to go public also failed
Once valued at $5.7 billion, Vice Media has had trouble making a profit and attracting younger audiences through social media platforms. The company's plans to go public through a merger also fell through. Dixon also announced that the company is still trying to sell its Refinery 29 publishing business, with an announcement expected in the coming weeks. Despite the challenges, both Vice Media and Engadget are adjusting their strategies to stay competitive in the ever-changing media landscape.
Engadget to focus on growth
Engadget, owned by Yahoo, is laying off 10 of its key editorial leaders and reorganizing its teams to concentrate on traffic and revenue growth. The editorial team will be split into two sections: "news and features" and "reviews and buying advice." As a result, editor-in-chief Dana Wollman and managing editor Terrence O'Brien will be leaving the company. The news teams will work on increasing traffic, while the reviews teams will report to commerce leaders.