Vice Media Group, a once successful outlet targeting millennials and Gen Z, has announced it will stop publishing content on its flagship website and lay off several hundred employees due to financial struggles in the digital era. The company’s bankruptcy filing in May and subsequent sale to Fortress Investment Group for $350m were seen as attempts to reverse its fortunes, but cost-cutting measures and job cuts were not enough to save the company. CEO Bruce Dixon announced that Vice will move to a “studio model” and partner with other media companies, resulting in a need to realign resources and streamline operations. The company’s fall is reflective of broader struggles in the media industry, with hundreds of jobs being cut by traditional and digital outlets in recent years. The decline in newsroom employment in the United States from 2008 to 2021, as well as the shift to digital content, has contributed to this trend. Vice, which began as a print magazine in 1994 before evolving into a multimedia company, was once valued at $5.7bn at the height of its success in 2017.