Vice Media to slash workforce by up to 15 percent: report

Vice Media to slash workforce by up to 15 percent: report
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Vice Media plans to scale back its workforce by up to 15 percent through attrition and hiring freezes, The Wall Street Journal reported Wednesday, citing people familiar with the plans.

The reductions will come as Vice has lost money over the past two years and failed to meet revenue projections, according to the newspaper. 

The Journal reported that Vice also plans to cut its number of websites at least in half. The newspaper noted that Vice currently operates more than a dozen verticals, including Vice News, Noisey, Broadly and Munchies. 

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Vice plans to fold its verticals into "between three and five verticals," the Journal reported, citing people familiar with the decision. 

Vice Chief Executive Nancy Dubuc plans to move the company's emphasis from those types of online content sites and focus on more profitable areas, such as its ad agency, Virtue World Wide, the Journal reported. 

Dubuc implemented a company-wide hiring freeze more than a month ago, according to the Journal. Along with attrition, that will ultimately reduce Vice's workforce by between 10 and 15 percent, the newspaper reported.

The Journal reported that Vice's revenue in 2018 is expected to be between $600 and $650 million. Those numbers are on par with 2017 but more than $100 million below the projections that the company made last year, according to the newspaper. 

The Journal's sources said the company lost more than $100 million last year and is on pace to lose more than $50 million in 2018.

Vice also this year confronted reports of a toxic environment at the company.

Vice’s board of directors said in a statement to the newspaper that the company has “diversified revenue streams” and will continue to grow. 

“At a time of seismic change across the media landscape, Vice has never been better positioned to continue its remarkable growth,” the board said.