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Vice Media Faces Uncertain Future Amid Ownership Changes
February 22, 2024
Vice Media, a once-thriving news website, is now on shaky ground. Six months after its sale to former lenders following bankruptcy, the company is mulling over drastic measures. Staff members received unsettling news during meetings, where editors expressed concerns about the lack of clarity from management.
Josh Visser, Vice News’ top editor, addressed the uncertainty in a Zoom meeting, revealing his attempts to seek reassurance from senior executives to no avail. Specifically, he provided the executives, including CEO Bruce Dixon, with an “opportunity to deny rumors the site was shuttering, but he had not heard back, which he described as ‘very upsetting.’” The prospect of the website shutting down or undergoing significant restructuring looms large, leaving employees anxious about their future.
Visser shared his frustration over the rejection of his proposed restructuring plan and the absence of a budget for the year, even though March is just around the corner. Concerns about payroll and the potential deactivation of company laptops add to the atmosphere of uncertainty among staff.
The recent disabling of Google Takeout, a tool for downloading Google data, added fuel to the fire, sparking speculation about broader changes within the company. However, it’s important to note that this tech update is said to be unrelated to the company’s business decisions.
This turmoil comes on the heels of Vice Media’s bankruptcy filing last May, which was accompanied by the cancellation of its flagship show and promises of cost-cutting measures. Despite efforts to secure its future through a sale to a consortium led by Fortress Investment LLC, Soros Fund Management, and Monroe Capital, Vice Media continues to face challenges.
With Vice Media’s fate hanging in the balance, navigating ownership changes and financial instability, employees are left grappling with uncertainty and anxiety about what lies ahead. As they await further communication from management, the atmosphere within the company remains tense. Requests for comments from involved parties have gone unanswered, leaving the situation even more opaque.
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