"Vice Media is on track to lose $50 million this year and plans to cut its 9,000-person staff by 15 percent, according to the Wall Street Journal.
The left-wing site with an evaluation of $5.7 billion (there are skeptics) has not made a profit in years, and now, the company’s growth has stalled. Vice is currently on track to bring in $600 to $650 million in revenue, which is not only $100 million below projection; it is what the company earned last year — and last year, Vice lost $100 million.
All this during a booming economy, no less.
Vice Media’s CEO, Nancy Dubuc, has instituted a hiring freeze and hopes to cull those 1,350 employees over the next year only through attrition (unlikely). She is also reducing the site’s verticals from 12 to something closer to “three and five.”
At the time of the hiring freeze, Vice had 220 positions it was looking to fill."