That’s according to a report from the Wall Street Journal. The publication says Vice Media will reduce its workforce by as much as 15% through attrition. It is also expected to reduce and combine almost a dozen of its websites, which include sites like Munchies, Noisey, and Broadly, into just three to five verticals.
A few years ago Vice was a media darling because of its ability to attract young male millennials to its content, which lead to investment from or partnerships with media giants like Walt Disney, 21st Century Fox, and HBO. But in the last few years, Vice has struggled along with other new media companies. In 2017 it lost more than $100 million, and this year it is expected to lose $50 million.
Vice CEO Nancy Dubuc, who has been in the post since May, is said to want to turn around Vice’s fortunes by focusing on areas of growth, including making more movies and television shows for third parties and growing its in-house advertising agency, Virtue.
In September, traffic to Vice’s websites stood at 27 million unique visitors, down from 36 million just two years earlier.