According to The New York Times, Vice Media is set to cease publication of Vice.com and initiate layoffs affecting "several hundred" employees early next week, as outlined in a company memo. The media outlet has experienced a dramatic transformation from a sprawling digital powerhouse to a mere shadow of its former self, having declared bankruptcy and subsequently reemerged under new ownership last year.
Efforts by Fortress Investment Group to offload the brand have proven fruitless, as reported by The Wall Street Journal. The latest round of downsizing aims to restore Vice to profitability. Concurrently, Vice is engaged in "advanced talks" regarding the potential sale of Refinery29, a women-focused website, amidst a challenging period for the media industry as a whole.
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