The media conglomerate Vice announced via internal memo that the company is sizing down and leaving its office space, a move that comes shortly after filing for bankruptcy in May.
If you’re getting some deja vu from this news, there’s a reason. For years, Vice has gone back and forth on a potential new office space. The company was reportedly in the works to move to a Brooklyn Navy Yard building in 2021.
Bloomberg reports that the company plans to move fully to remote work, and in the process, will close their headquarters at 289 Kent Avenue.Â
As with so many media companies, Vice in recent years had run into issues trying to turn a profit through a distinctive news model. “The bankruptcy is a moment of humility for Vice, which a decade ago appeared destined to sell for an eye-watering sum or make its debut on the public markets…” the New York Times writes. “The company sold advertisers and investors on its ability to reach young millennials who were hungry for an alternative to its corporate rivals, delivering you-are-there dispatches from North Korea and Liberia without the decorum of the mainstream news media.”
It’s rough out there for media outlets, y’all. That’s why we value the community support we get here at Greenpointers.