Vice Media Group CEO Bruce Dixon informed employees in a memo sent out on Thursday that the company plans to lay off several hundred employees and cease publishing material on its website Vice.com. 

Dixon also said the company is seeking to sell its Refinery29 publishing business. According to the Associated Press, Vice filed for bankruptcy last year before it was sold for $350 million to a consortium led by the Fortress Investment Group.

Before Vice filed for bankruptcy protection, the company axed its "Vice News Tonight" TV program after laying off several employees.

The New York-based media company, valued at $5.7 billion in 2017, once featured an immersive storytelling style encompassing web, television, and film outlets that cater to a younger demographic. 

Vice Media to Lay off Several Hundred Employees

Apart from saying that several hundreds of workers would be impacted and will be informed early next week, Dixon did not provide any specifics about the layoffs. According to the New York Times, about 900 individuals currently work in the company.

"I know that saying goodbye to our valued colleagues is difficult and feels overwhelming, but this is the best path forward for Vice as we position the company for long-term creative and financial success," Dixon said in its memo.

According to Dixon, it was no longer cost-effective for the company to distribute its digital content, including news. He noted that Vice would focus more on its social channels and look for another way to distribute its content. Dixon added that the company would follow a studio model as part of its strategic shift.

Read Also: ESPN, Fox, and Warner Bros. Discovery Team Up for New Sports Streaming Service

News and Media Layoffs Keep Piling Up

This is the latest indication of the financial woes facing the media industry. Numerous digital sites, including BuzzFeed News, Jezebel, and Messenger, have shut down in the past year.

On the other hand, media outlets like the Washington Post, the Wall Street Journal, and the Los Angeles Times have also seen job cuts.

Read More: Paramount Global Is Laying Off About 800 Workers: Report