The company secured $30 million in debt financing in February from Fortress Investment Group, which had previously backed Vice to the tune of $250 million with partners. Just last year, Vice Media Group tried, and failed, to sell, despite a price tag between $1 billion and $1.5 billion - a steep fall from its valuation at $5.7 billion in 2017. Vice Media’s restructuring announced Thursday comes after a whirlwind year that culminated in CEO Nancy Dubuc exiting the struggling company after a five-year stint as CEO. “But as we reduce the scale of digital video series, we are forced to slow and eventually end production at this time.” “They have created some of our most talked about and textured work,” she said. The former will oversee long-form documentary and premium series Haik will oversee daily global Vice News journalism as part of the company’s publishing division.Īlso winding down and eventually ending production will be the Vice World News short-form video team. ![]() Vice News also now falls to the leadership of Subrata De EVP, News, and Global Head of Programming and Documentary, and Cory Haik, COO for News and Entertainment. In addition to canceling “Vice News Tonight,” the company will be undergoing a larger restructuring that will see a refocus on its digital video business and news documentary and series production businesses while transitioning to platforms with wider audiences, including Paramount+ with Showtime, FAST Channels, YouTube, TikTok, Twitch and streaming platforms like Netflix, HBO Max and Tubi. Our team is part of our family and an important part of what built the VICE News brand into what it is today, but as the media industry continues to rapidly evolve and our audience consumes content in new ways, this transformation is a necessary step to safeguard the journalism for which VICE has always excelled and the future of VMG.” “VICE News began as a small team committed to shining a light on news in corners of the world that were being ignored by the mainstream press. ![]() “We hope you understand that these changes were not made lightly, and that it is extremely painful to see our colleagues leave,” the CEOs said. ![]() How Vice, Vox and BuzzFeed Blew the Future of Media
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