![]() One thing we want to focus on is how the business works together more, and leveraging more of its internal expertise across platforms, across the content that it generates. For us, it’s a lot more of understanding that Vice is a household name it’s got a unique position where it’s a high level of engagement with the younger audience and that, in turn, is a valuable demographic for the media space and for brands. ![]() For us, the main leadership role is setting the direction of the company, aligning the organization to what that direction is and also mobilizing our strong leadership team to execute on their strategy. As Hozefa said, Nancy is a dear friend of ours, we worked well with her and look forward to continuing with the company in our new roles.ĭixon: As Hozefa said, it’s day 12. You really do get a feel for where the organization is going. There will be some transition - it’s day 12 - but we’re very quickly jumping into a lot of things that we were already very deeply involved with.īruce Dixon: I can’t underscore enough how closely Hozefa and I worked with Nancy. And as you think about transition, we have been at the most senior roles in this company and we’ve spent a lot of time with the most senior leadership, in all the work that we do, both internal, operationally and external work. She’s a part of the blueprint that got us to where we are. Look, she’s been at the top of the company for about five years. Hozefa Lokhandwala: I don’t think we should comment on Nancy’s departure except to say that she was a very valued friend and colleague of ours. I’d like to start with what led to Nancy Dubuc’s exit as CEO and what the transition has been like over the past few weeks since you were named co-CEOs. The new leaders of Vice also spoke about the current state of a sale and potential buyers, what the post-Dubuc regime will be like and how Vice-owned titles including “The Dark Side” franchise and Vice Studios’ upcoming HBO doc following the University of Alabama’s TikTok-famous sorority rush week (aka “Bama Rush”) are just the start of building on company-wide IP. 27 - that coincided with the release of Vice’s fourth annual diversity, equity and inclusion report (which reveals, among other stats, that 65% of new hires in the company globally in 2022 were women), as well as the launch of their new brand campaign video (which can be viewed above) featuring a slogan that touts Vice Media as a company “For Everyone Else.” The company’s portfolio also includes Refinery29, the media and entertainment brand focused on women acquired in 2019 London-based Pulse Films and i-D, a digital and print style publication covering fashion, culture and design.ĭixon and Lokhandwala opened up to Variety in an interview Tuesday - among their first sitdowns since being named co-CEOs on Feb. The company’s five main business units are:, the Vice Studios film and TV production unit the Vice TV television network Vice News and creative agency Virtue. Meanwhile, the ad market had been suppressed due to the COVID-19 pandemic, further challenging the business at online publishers.Vice co-CEOs Hozefa Lokhandwala (left) and Bruce Dixon (right)/Image courtesy of Vice Media Internet media publications have lately struggled to grow their ad-dependent revenue as Big Tech platforms like Facebook, Instagram and Alphabet's Google attracted the bulk of digital advertising spends. Its investors include James Murdoch's Lupa Systems, TPG, Technology Crossover Ventures and Antenna Group. Privately held Vice was valued at $5.7 billion at its peak in 2017. Vice borrowed an additional $10 million from those lenders during its bankruptcy proceedings. When Vice filed for bankruptcy, it owed $474.6 million to the Fortress-led lender group. Vice's lawyer Fred Sosnick said in court the sale would put the company "on a secure footing for the future." Sosnick said ten proposals were received for the acquisition of the whole company and five for certain parts of the business. "We believe (this) represents the best path forward for Vice," the media company's co-chief executive officers, Bruce Dixon and Hozefa Lokhandwala, said in a statement. Popular with the millennial audience through its websites Vice and Motherboard, Vice Media filed for bankruptcy protection last month in a move that capped years of financial difficulties, top-executive departures and the company's prior efforts to sell itself. Business news stories from across Canada and the world.The offer is in the form of a credit bid. The investor group, which includes Soros Fund Management and Monroe Capital, bumped up its offer to $350 million for all of Vice's assets and some liabilities, from its initial bid of $225 million. Online publisher Vice Media will be sold to a consortium led by Fortress Investment Group after the bankruptcy court approved its $350-million bid on Friday.
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