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New media ...

... same old sh*t.

Mainstream alt media outlet (wait a second …) Vice has announced it is taking a page from “traditional media’s” playbook, announcing the layoff of some 250 employees or roughly 10% of its workforce. *checks Wikipedia to confirm that Vice actually has 2.5k employees*

If you’re wondering “who is going to make all of the documentaries about A-sexual snake charmers in eastern Madagascar,” have no fear. The brand will downsize across the board without folding any particular group. A restructuring will organize the company based on line of business (of which there are five: Studios, News, Digital, TV and an in-house ad agency) vs. by geography which is the current alignment.

This move is allegedly part of the hiring freeze instituted in November that planned to cut 15% of the workforce. Surprisingly, people with gauges who produce cooking shows starring Action Bronson aren’t exactly the go-getters and job-jumpers baby boomers complain about. 

Personnel issues also plagued the C-suite at the company. In October Nancy Dubuc replaced co-founder Shane Smith as CEO following a scathing NYT report that likened the culture at Vice to that of a frat castle (read: boys club)

Misery loves company

Vice isn’t alone in failing to attract buku advertising bucks. This year alone, Buzzfeed announced it would lay off 15% of its workforce and Verizon Media Group bid adieu to 10% of its employees. 

Vice, BuzzFeed and the Reckoning for New-Media Companies [WSJ]

IN OTHER NEWS

- Goldman execs on the hook 

- Papa John's stock plunges

- Deutsche Bank still sucks

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