Vice Media chief Bruce Dixon on Friday, February 23, sent a memo regarding the layoff of hundreds of its employees and the halt of publishing content on their site due to it being “no longer cost-effective.”

In the memo, Dixon noted plans involving partnerships with established media companies in distributing digital content and transitioning to a studio model

“As part of this shift, we will no longer publish content on vice.com,” Dixon said in his memo.

“Regrettably, this means that we will be reducing our workforce, eliminating several hundred positions,” he added.

The Vice Media chief said this directive was “the best path forward” for the brand as it aims for long-term creative and financial success.