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Nancy Dubuc notified Vice Media staffers on Friday that she’s stepping down from her publish as CEO after 5 years on the firm. It was not instantly clear who would exchange her.
“At this time Vice has an unbelievable alternative within the palms of a brand new administration staff who want to harness the companies we constructed and grew and to put the groundwork for the longer term,” Dubuc mentioned in Friday’s e-mail. “I do know you’re among the many most resilient, artistic, and decided expertise within the enterprise and your futures are vibrant and hopeful.”
Dubuc joined Vice in 2018 after leaving her publish as CEO of A+E Networks, the place she had labored for 20 years. She succeeded Vice co-founder Shane Smith, who remained as the corporate’s govt chairman. A+E Networks and Vice got here collectively in a three way partnership to create the channel Viceland.
“Nancy joined VICE at a pivotal time and put in place an distinctive staff that has positioned the corporate for long-term success,” Vice’s board of administrators mentioned in an announcement Friday. “We thank Nancy for her many contributions and can quickly announce new management to information VICE ahead into its subsequent stage of progress and transformation.”
Dubuc’s departure comes as Vice — like its digital media friends — is going through ongoing challenges with shrinking viewers numbers and promoting. Along with rising competitors for advert {dollars} from tech giants like Google, the media business as a complete has been contending with a slowdown within the promoting market as macroeconomic circumstances have led to uncertainty and a pullback in spending.
Vice just lately restarted its sale course of, CNBC reported final month. The corporate, which had been valued at $5.7 billion in 2017, is now prone to fetch a price ticket under $1 billion, after initially searching for a valuation between $1 billion and $1.5 billion, CNBC reported.
Vice employed advisors final 12 months to facilitate a sale technique of some or all of its enterprise, and it had been nearing a cope with Greek broadcaster Antenna Group till the talks just lately stalled. Now, Fortress Funding Group, considered one of Vice’s lenders, is a driving power within the sale course of.
Nonetheless, Vice ended 2022 with a slight achieve in income, though the enterprise deteriorated among the many macroeconomic headwinds, CNBC beforehand reported. A few of its models did publish a revenue final 12 months, however general the corporate was unprofitable for 2022.
Learn the complete memo from Dubuc:
Pricey Vice Media Group Workforce,
I’m writing immediately with bittersweet information. It has been an exhilarating 5 years since becoming a member of you at Vice, and I’m extremely pleased with the necessary and long-lasting accomplishments we’ve made collectively. We’ve remodeled this Firm from a disparate model to a completely fashioned, diversified media firm full with a thriving information group internet hosting a set of among the most recognizable client manufacturers. Your dedication to excellence, progress and ethics is unparalleled and the relationships we’ve constructed are eternal. Which is why because the anniversary of my tenure approaches, it’s so tough to share that I’ve made the choice to maneuver onto the subsequent chapter.
I’m proud to depart a Vice higher than the one I joined. Collectively we racked up unbelievable wins whereas tackling unprecedented macroeconomic headwinds brought on by the pandemic, the conflict within the Ukraine, and the economic system all which compelled us to pivot, refocus and pivot once more. Regardless of all this the Vice, Vice Studios, Pulse, in addition to Advantage, R29, i-D and Unbothered manufacturers are sturdy. We lowered overhead by half and but improved the standard of our revenues by each elevated profitability and progress of returning revenues. As we face new headwinds within the market Vice is now much less advert dependent, and our gross margins have greater than doubled.
Most necessary, whereas there’s nonetheless a lot work to be performed, Vice is a extra numerous and inclusive atmosphere than ever.
At this time Vice has an unbelievable alternative within the palms of a brand new administration staff who want to harness the companies we constructed and grew and to put the groundwork for the longer term. I do know you’re among the many most resilient, artistic, and decided expertise within the enterprise and your futures are vibrant and hopeful.
Keep in mind what I attempt to remind you, and that’s to understand how far you’ve got come. The accomplishments are far and vast— from new companies, utterly rebuilt operations and numerous awards for courageous work. But in addition bear in mind to look forward to the probabilities.
I might additionally wish to thank Shane and Suroosh for his or her belief and the numerous board members and buyers alongside the best way. I’ll cheer you on from the side-lines.
Left foot, proper foot.
Nancy
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