**"Vice News Tonight" Canceled As Media Downturn Accelerates**
"Vice News Tonight" Canceled As Media Downturn Accelerates
The downfall of Vice Media Group (VMG) is a perfect example of the challenges media organizations face that shift focuses towards ultra-left-wing ideologies. Despite being worth billions of dollars just several years ago, the company has followed a similar fate as Buzzfeed (https://www.zerohedge.com/markets/buzzfeed-news-shuttering-operations-shares-plunge), now undergoing broad restructuring.
In 2017, Vice Media secured a funding round at $5.7 billion. One of its founders joked about "hockey stick" growth and a "sexy" IPO debut. But that never happened, and fast forward to today, top executives told employees in a memo that the popular TV program "Vice News Tonight" will be canceled, as well as a number of employees will be fired.
"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 told employees. They didn't specify how many job cuts.
Dixon and Lokhandwala emphasized, "We _are NOT exiting the news business, but we are changing the shape of VICE News to position the whole Company for long-term opportunities and improve how we deliver important, ground-breaking journalism well into the future."_
A person familiar with the upcoming layoffs told CNN that the digital media company plans "dozens" of cuts to reduce operational costs.
VMG joins a slew of other media companies that have had no other option but to restructure in recent months due to mounting macroeconomic headwinds and a weak advertising market. Also, many of these firms went 'woke' and are quickly going broke.
Last week, BuzzFeed's CEO Jonah Peretti told employees about restructuring plans that called for a reduction (https://www.zerohedge.com/markets/buzzfeed-news-shuttering-operations-shares-plunge) of headcount and the cancellation of BuzzFeed News.
VMG and BuzzFeed are some of the best examples of how to destroy billions of dollars in valuations through woke and rubbish content.
But it's not just VMG and BuzzFeed hemorrhaging workers. HuffPost's senior editor Philip Lewis highlighted a list of other media organizations undergoing restructuring efforts.
> media layoffs in 2023
>
> -VICE Media
>
> -Insider
>
> \- Many local newsrooms across the U.S.
>
> -Buzzfeed (Buzzfeed News, Complex)
>
> \- Paper Magazine
>
> -Vox Media
>
> \- Disney (ABC, ESPN, National Geographic, FiveThirtyEight)
>
> \- NPR
>
> \- Fandom
>
> \- Gannett
>
> \- The Washington Post
>
> \- NBC News
>
> \- E.W. Scripps
>
> — philip lewis (@Phil\_Lewis\_) April 27, 2023 (https://twitter.com/Phil_Lewis_/status/1651597420990545923?ref_src=twsrc%5Etfw)
\* \* \*
**Read VMG's Dixon and Lokhandwala's memo in full below:**
> _Team,_
>
> _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. We are transforming VICE News to better withstand market realities and more closely align with how and where we see our audiences engaging with our content most. To be incredibly clear, VICE News is core to VICE Media Group and fundamental to our business. We are NOT exiting the news business, but we are changing the shape of VICE News to position the whole company for long-term opportunities and improve how we deliver important, ground-breaking journalism well into the future._
>
> _As part of this process, we've decided to streamline VICE News and make reductions in roles across our global News team to focus on our growing digital video business and our News documentary and series production business for VTV and distribution partners worldwide. We're also discontinuing VICE News Tonight on VICE TV (the last VNT broadcast will be in May). It's clear that we need to accelerate VICE News' transition to the platforms where its biggest audiences are — on our owned and operated channels where we have a direct relationship with our audience, on Paramount+ with Showtime, FAST Channels, YouTube, TikTok, Twitch, and via documentary programming for streaming platforms such as Netflix, HBO Max and Tubi. We believe this strategic focus strongly positions VICE's incredibly important news coverage for the future._
>
> _Going forward, VICE News will be produced by our News Productions and Publishing divisions jointly under Subrata De, EVP, News, and Global Head of Programming and Development, and Cory Haik, COO for News and Entertainment — two of the most talented media executives in our industry. Our longform documentary and premium series work will be produced out of our News Productions division under Subrata, who will continue to oversee global news production for all linear an…
https://www.zerohedge.com/markets/vice-news-tonight-canceled-media-downturn-accelerates