Vice Media Group had announced that it was streamlining its news division and has now filed for Chapter 11 bankruptcy. As part of the restructuring, many notable names were laid off, including editor-in-chief Michael Learmonth.
Apart from the layoffs, the company has also canceled its flagship show “Vice News Tonight.” The final episode will air on May 25 on Vice TV at 10 p.m. ET and will cover three major segments.
Co-CEOs Bruce Dixon and Hozefa Lokhandwala sighted these changes in response to the current conditions the market is battling with. They wrote:
“To be incredibly clear, Vice News is core to Vice Media Group and fundamental to our business. We are NOT exiting the news business, but we are changing the shape of Vice News to position the whole Company for long-term opportunities and improve how we deliver important, ground-breaking journalism well into the future.”
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