Vice Media is making a difficult decision affecting their content as the New York Times’ Ben Mullin reported on Wednesday that the company will make significant cuts.
In an email to staffers, Vice Media CEO Nancy Dubuc announced that the news media outlet would reduce its costs by up to 15 percent. However, despite Dubuc praising the company’s content, she states they still need to remain profitable.
“We’re not immune to the commercial pressures of the current economy, including ongoing cutbacks by brands and advertisers,” Dubuc said. “Now more than ever, we need to protect our progress and profitability by continuing to improve our operations, rigorously question our cost structure and focus on those areas where our business is competitive and growing and decrease those that are wavering.
“I often say to my leadership team we need to control what we can and manage against what we can’t. Much of the economic environment is out of our control, but our costs are within our decision-making capabilities.”
The way Vice Media will reach cutting 15 percent cost will be by freezing open positions along with slashing operation costs.
“Wherever we can make improvements in how we work, expect we will,” Dubuc added. “This is ultimately how we’ll grow our business. Between now and mid-December, when we lock our budget, senior managers will communicate our 2023 plans and expectations.”
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
