Vice Media, a once swashbuckling media company valued at $5.7 billion in 2017, is set to lay off hundreds of employees and cease publication on its Vice.com website, as CEO Nancy Dixon confirmed in a memo to staff on Thursday. The New York-based company, currently staffed by about 900 individuals, has decided to restructure its operations and focus on different ways to distribute content due to cost-effectiveness concerns.

Amid a changing media landscape, digital sites like the Messenger, BuzzFeed News, and Jezebel have shut down in the past year, while established media outlets such as the Los Angeles Times, Washington Post, and Wall Street Journal have also undergone job cuts. Vice Media aims to adapt by emphasizing its social channels and transitioning to a studio model for content production.

The company's decision follows a previous round of layoffs and the cancellation of the "Vice News Tonight" television program before filing for bankruptcy protection last year. Dixon did not provide specific details on the upcoming layoffs but mentioned that affected employees would be notified early next week. The shift in strategy reflects Vice's efforts to stay competitive and innovative in the media industry.