George Soros is a very large investor in a group that has just committed $250 Million to save struggling Vice.com
According to Todd Spangler of Variety. back in early February Vice announced it would be cutting 250 jobs amidst a slowdown:
Vice Media CEO Nancy Dubuc has set plans to lay off 10% of the company’s employees — resulting in the elimination of 250 jobs across all departments — as it looks to slash costs amid a revenue slowdown.
The cuts aren’t surprising: Brooklyn-based Vice last fall instituted a hiring freeze and was hoping to avoid layoffs by winnowing down its headcount through attrition. With the restructuring, Dubuc is de-emphasizing focus on Vice’s web properties and is looking to bulk up efforts in film, TV production and branded content centered on its millennial-skewing audience and counter-cultural ethos.
That was February 1st. On June 3rd the same Todd Spangler reported again for Variety:
Vice Media, looking to revitalize its flagging business, has gotten a $250 million cash infusion from an investment consortium that includes billionaire George Soros.
The company’s new debt financing was led by 23 Capital, a financing firm focused exclusively on sports, music and entertainment sectors, with participation by Soros Fund Management, Fortress Investment Group and Monroe Capital, as first reported by the Wall Street Journal Friday.
“With this capital investment, Vice’s growth plans can be accelerated, allowing us to execute our new leadership’s strategic vision for the company,” a Vice rep said in a statement.
The once high-flying Vice has suffered a shortfall in revenue goals, and laid off about 250 employees, or 10% of its staff, earlier this year.
