(Reuters) - Vice Media LLC is cutting about 250 jobs, or 10 percent, of its workforce, a company spokeswoman said on Friday, as it looks to cut costs and achieve profitability.
Departments at every level - from IT to finance and television - are expected to see layoffs, according to an internal memo sent by Chief Executive Officer Nancy Dubuc to the staff on Friday and seen by Reuters.
“In this strategic restructure, some departments will get smaller while others will expand,” Dubuc said in the memo.
“Rather than organize VICE by country, we are creating a new operating structure around global lines of business—Studios, News, Digital, TV and Virtue.”
Vice, which started as a Montreal punk magazine in 1994, attracted top investors in recent years as the multimedia company evolved into a news and entertainment platform catering to millennials.
The news was first reported by The Hollywood Reporter.
Reporting by Arjun Panchadar in Bengaluru and Ken Li in New York; Editing by Arun Koyyur