Vice Media is laying off about 2% of its 3,000 employees across multiple departments while at the same time the company is looking expand internationally and ramp up video production, Variety has learned.
The layoffs of about 60 staffers are taking place Friday, according to a source familiar with the situation. The cutbacks affect personnel in sales, branded content, editorial and corporate areas in the U.S., Canada and Europe.
A Vice rep confirmed the layoffs but declined to comment further.
The cuts come after Vice last month announced $450 million in funding from private-equity firm TPG, which it said would help fund its international expansion and the launch of Vice Studios — marking a new push into original scripted programming. The TPG investment gives Brooklyn-based Vice an estimated valuation of $5.7 billion.