A rumor on Thursday morning frightened many journalists who had written for Vice Media: Thousands of stories written over the past two decades could soon be deleted without any warning. Inside the irreverent company, which began as a scabrous print magazine in Montreal and later helped define the tone of early digital media, the mood was tense. According to the Hollywood Reporter, editors asked top brass for an answer — or at least a denial of the rumor — and did not hear back.

Hours later, staffers found out why. In a message to staff, CEO Bruce Dixon said that several hundred of Vice’s remaining 900 employees will soon be laid off in a restructuring that essentially kills off the editorial brand.

Media news: In a memo, Vice CEO Bruce Dixon says the company will lay off hundreds of employees and stop publishing on the https://t.co/JeDcdfTJsW website. pic.twitter.com/KEzMTnatZY

After the mass layoff, Vice will still exist, kind of. No more stories will be published on Vice.com. But Dixon wrote, rather cryptically, that remaining employees will put “more emphasis on our social channels as we accelerate our discussion with partners to take our content to where it will be viewed most broadly.” According to a source familiar with the plans who spoke to The Wall Street Journal, that means Vice will “focus on growing its business-to-business media arm, including its production studio and creative agency.” Refinery 29, which Vice bought for $400 million in 2019, will continue to operate as Vice tries to sell the brand. Dixon also said that “affected employees” will be informed of their status next week. (There was no word from Dixon on the rumor that the website would be erased.)

The VICE CMS has been turned off. That's all folks.

The layoffs are a dramatic denouement for a company that once boasted a valuation of $5.7 billion. As ad revenue decreased across the industry, Vice took several hard hits. After filing for bankruptcy last May, the brand was bought by the private-equity lenders Fortress Investment Group and Soros Fund Management for a mere $350 million. Since then, Vice has shuttered some of its marquee TV shows and has struggled to become profitable. It’s hardly alone: Other digital media companies, including BuzzFeed, The Messenger, and Jezebel, have either shuttered entirely or faced significant layoffs in recent months.

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