lay off
The youth-focused media group said on Thursday it will cancel popular TV program “Vice News Tonight” as part of a restructuring that will result in layoffs. [Representation image] skaman306/Gettyimages

In the most recent wave of budget cuts to hit the troubled news industry, Vice Media has announced "painful" layoffs, including the elimination of its flagship news show.

The youth-oriented media company said on Thursday, Apr. 27, that it will axe the well-liked TV show "Vice News Tonight" as part of a reorganization that will result in job losses.

"In response to the current market conditions and business realities facing VMG and the broader news and media industry, we are moving forward on some painful but necessary reductions, primarily across our News business," co-CEOs Bruce Dixon and Hozefa Lokhandwala said in a memo to employees.

There was no word on how many employees will be let go, but CNN was informed by sources that dozens would be affected.

These layoffs follow BuzzFeed's announcement to close its news division last week and FiveThirtyEight founder Nate Silver said on Tuesday, Apr. 25, he expected to exit ABC News amid job cuts at its parent company Disney.

In recent months, staff at other media organizations including CNN, The Washington Post, NPR, Vox Media, and NBC News have also been reduced.

The layoffs are a result of a financial problem that affects the entire business and has caused existential concerns about the future of journalism.

According to the Pew Research Center, newsroom employment in the United States decreased by more than 25% between 2008 and 2021 as a result of the demise of the conventional print advertising business.

At one point, Vice, a brand known for its boisterous, youth-oriented content, was lauded as one of the most promising names in digital media, with a peak valuation of close to $6 billion, Al Jazeera reported.

However, like other digital media startups, Vice has had difficulty converting its high hopes into a viable business plan in the post-print advertising environment ruled by Google and Meta. The Wall Street Journal reported last month that Group Black had made a proposal to purchase Vice for around $400 million.

Vice Media Group LLC is an American Canadian digital media and broadcasting company. As of June 2021, the Vice Media Group included five main business areas, (digital content), VICE STUDIOS (film and TV production), VICE TV (also known as VICELAND), VICE News, and VIRTUE (an agency offering creative services). It was cited as the largest independent youth media company in the world, with 35 offices.

BuzzFeed, Inc. is an American Internet media, news and entertainment company with a focus on digital media. Based in New York City, BuzzFeed was founded in 2006 by Jonah Peretti and John S. Johnson III to focus on tracking viral content.

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