Vice Media Group APAC newsroom team hit hard by global restructure

Vice Media Group's (VMG) APAC newsroom has been impacted by the restructuring of its global news operations. Announcing the news on Twitter SEA editor Alastair McCready said, "Our APAC team has been decimated amid widespread layoffs today at VICE World News. A sad day for us all, but that means some of these fantastic reporters and editors in Hong Kong, Thailand, Pakistan, India, Singapore, the Philippines, Australia & Japan are available."

The move came as the company looked to restructure its global news operation by shutting down its popular Vice News Tonight broadcast and cutting jobs, according to the Wall Street Journal (WSJ). The news was announced to employees in a memo by co-CEOs Bruce Dixon and Hozefa Lokhandwala that was seen by WSJ. In it, Dixon and Lokhandwala explained that in response to the current market conditions and business realities facing the group and the media industry in general, that it needs to make some "painful but necessary" reduction. The changes will primarily be focused on its news and business divisions but the exact number of jobs to be cut were not specified.

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The memo noted that the cuts were being done to transform Vice News such that it will better be able to withstand market realities and so that they can closely align to how it sees its audiences engaging with its content. They continued by saying that the company needs to accelerate its transition toward platforms such as Paramount Global’s Paramount+ with Showtime, free ad-supported streaming channels as well as YouTube and TikTok.

The news comes in the midst of financial difficulties at the media company which has been looking to sell itself. Earlier in April, WSJ reported that Vice Media has hired an executive from AlixPartners, a turnaround specialist firm, as its interim finance chief while looking for a buyer. AlixPartners' director, Mark Del Priore, was hired to make decision for the company's finances and to improve the company's overall financial health. 

The news comes as numerous other media and technology firms sees restructuring and downsizing as the economy continues to remain weak. 

Just last week, BuzzFeed Inc revealed that it would be pulling its news division in light of pursuing a more digital-first business model. The company let go about 60 journalists in the move as it continues to struggle to maintain its viability in the industry. 

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