Vice Media, once the darling of ‘new media’, says it will be laying off “hundreds” of staff. The news and broadcast site is also ceasing activity on its Vice website.

Vice filed for Chapter 11 bankruptcy last year and was acquired by Fortress Investment Group. New York-based Vice was once valued at $5.7 billion back in 2017.

Vice currently employs about 900 spread across its various divisions.

“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,” CEO Bruce Dixon said in a memo to staff.

He added it was no longer cost-effective for Vice to distribute its digital content, including news, the way it has been. He said Vice would put more emphasis on its social channels and look for different ways to distribute its content.

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