Vice Media, once a digital media powerhouse, has followed BuzzFeed’s lead in making significant staff cuts this week, with plans to halt content publication on its website and lay off several hundred employees as it transitions to a studio-centric business model, CEO Bruce Dixon revealed in a memo to staff late Thursday, as reported by the Associated Press.

Dixon indicated that while Vice will cease website content production, the women’s lifestyle platform Refinery29 will continue operating, with Vice exploring a potential sale of the subsidiary.

Following its bankruptcy filing last May, Vice was acquired for $350 million by a consortium led by Fortress Investment Group, with majority ownership held by Abu Dhabi-based sovereign wealth fund Mubadala Investment, one of its main creditors.

Despite requests for comment, Vice has remained silent on its recent developments.

The memo underscores Vice’s dramatic decline from its pinnacle as a leading media organization celebrated for its journalism, now facing significant challenges, including internal strife, a decline in online advertising spending, and reduced traffic from social media platforms.

In New York, companies with over 50 employees must provide at least 90 days’ notice before a significant layoff, defined as affecting at least 25 full-time employees or 250 workers over six months, in accordance with the Worker Adjustment and Retraining Notification Act, which also mandates notifications prior to plant closures or relocations.

BuzzFeed, grappling with its own challenges, announced plans to sell Complex, a pop culture outlet, and cut an additional 16% of its workforce this week. The digital media landscape has seen several outlets, including The Messenger and Business Insider, announce layoffs this year.

Traditional media entities have also faced cutbacks, with major publishers experiencing declines in online traffic as audiences shift to platforms like TikTok and Instagram. Over 21,000 job cuts were reported in the media sector in 2023, a surge of 467% from the previous year, with nearly 3,100 affecting digital, broadcast, and print news outlets, according to Challenger, Gray & Christmas, an outplacement firm.