Vice Media will stop publishing on its website and lay off hundreds. Read the memo its CEO sent to staff.

Vice Media is in the process of shutting down its website and shifting focus to its studio, which will involve laying off hundreds, CEO Bruce Dixon wrote in a staff memo Thursday.

Vice is also in the process of selling the woman-aimed site Refinery.com, which it acquired in 2019, Dixon wrote.

Rumors of a shutdown of Vice.com emerged Thursday afternoon, sowing confusion among Vice staff and sending them scrambling to download and preserve their work from the site.

Staffers expressed a mix of frustration about a lack of answers from leadership as well as resignation given Vice’s ongoing financial struggles.

Once valued at almost $6 billion, the company started by Shane Smith 30-some years ago has been beset by poor management and warring owners, allegations of sexual harassment, layers of debt, and failed plans to go public.

Vice was often impactful and critically acclaimed — the company shared a Pulitzer Prize for audio journalism in 2020, for instance. But it, along with many digital-first media properties, struggled to achieve profitability.

Vice descended into bankruptcy last year, and then was acquired by an investor group led by private equity firm Fortress Investment Group.

In addition to its flagship Vice.com, Vice Media operates Vice Studios, a film and TV production business; and ad agency Virtue.

Here’s the full memo from Dixon:

Dear Vice Team,

As we navigate the ever-evolving business landscape, we need to adapt and best align our strategies to be more competitive in the long term. After careful consideration and discussion with the board, we have decided to make some fundamental changes to our strategic vision at Vice.

We create and produce outstanding original content true to the Vice brand. However, it is no longer cost-effective for us to distribute our digital content the way we have done previously.

Moving forward, we will look to partner with established media companies to distribute our digital content, including news, on their global platforms, as we fully transition to a studio model. As part of this shift, we will no longer publish content on vice.com, instead putting more emphasis on our social channels as we accelerate our discussions with partners to take our content to where it will be viewed most broadly.

Separately, Refinery 29 will continue to operate as a standalone diversified digital publishing business, creating engaging, social first content. As you know, we are in advanced discussions to sell this business, and we are continuing with that process. We expect to announce more on that in the coming weeks.

With this strategic shift comes the need to realign our resources and streamline our overall operations at Vice. Regrettably, this means that we will be reducing our workforce, eliminating several hundred positions. This decision was not made lightly, and I understand the significant impact it will have on those affected. Employees who will be affected will notified about next steps early next week, consistent with local laws and practices.

I know that saying goodbye to our valued colleagues is difficult and feels overwhelming, but this is the best path forward for Vice as we position the company for long-term creative and financial success. Our financial partners are supportive and have agreed to invest in this operating model going forward. We will emerge stronger and more resilient as we embark on this new phase of our journey.

Thank you for your continued dedication to Vice and support during this time of transition.

Together, I am confident that we will overcome any challenges and achieve our shared goals.

Bruce