Vice Media Group is beging a restructuring process that will see the departure of a number of employees. The youth-skewing broadcaster is undergoing its latest round of layoffs this year as it winds down a number of long-running news programs. Sources saud that less than 100 people are impacted.
Vice Media Group, popular for websites such as Vice and Motherboard, filed for bankruptcy protection on Monday to engineer its sale to a group of lenders, capping years of financial difficulties and top-executive departures. Vice said that the lender consortium, which includes Fortress Investment Group, Soros Fund Management and Monroe Capital, will provide about $225 million in the form of a credit bid for substantially all of the company’s assets and also assume significant liabilities at closing.
Nancy Dubuc revealed on Friday she was leaving Vice Media Group as CEO after five years. She will be replaced by Bruce Dixon (l) and Hozefa Lokhandwala. The pair will become co-CEOs. Hozefa has been chief strategy officer at VMG since October 2018, and Bruce has been chief financial officer at VMG since 2021 and was previously CFO of Vice Studios.
Tech executives from Warner Bros. Discovery, Sinclair, Hearst, Vizrt and Vice Media Group told a TVNewsCheck webinar last week the public cloud’s appeal is growing for content sharing and archiving workflows but cautioned the entire metadata process needs more care and attention to maximize cloud storage’s advantages.
