Nancy Dubuc notified Vice Media staffers on Friday that she’s stepping down from her put up as CEO after 5 years on the corporate. It used to be no longer right away transparent who would exchange her.
“Lately Vice has an out of this world alternative within the arms of a brand new control crew who wish 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 might be some of the maximum resilient, inventive, and made up our minds ability within the trade and your futures are brilliant and hopeful.”
Dubuc joined Vice in 2018 after leaving her put up as CEO of A+E Networks, the place she had labored for two decades. She succeeded Vice co-founder Shane Smith, who remained as the corporate’s government chairman. A+E Networks and Vice got here in combination in a three way partnership to create the channel Viceland.
“Nancy joined VICE at a pivotal time and installed position a phenomenal crew that has situated the corporate for long-term good fortune,” Vice’s board of administrators mentioned in a commentary Friday. “We thank Nancy for her many contributions and can quickly announce new management to steer VICE ahead into its subsequent level of enlargement and transformation.”
Dubuc’s departure comes as Vice — like its virtual media friends — is going through ongoing demanding situations with shrinking target audience numbers and promoting. Along with rising pageant for advert bucks from tech giants like Google, the media trade as an entire has been contending with a slowdown within the promoting marketplace as macroeconomic prerequisites have resulted in uncertainty and a pullback in spending.
Vice not too long ago restarted its sale procedure, CNBC reported closing month. The corporate, which were valued at $5.7 billion in 2017, is now prone to fetch a price ticket underneath $1 billion, after to start with on the lookout for a valuation between $1 billion and $1.5 billion, CNBC reported.
Vice employed advisors closing yr to facilitate a sale procedure of a few or all of its trade, and it were nearing a handle Greek broadcaster Antenna Workforce till the talks not too long ago stalled. Now, Castle Funding Workforce, one in every of Vice’s lenders, is a driver within the sale procedure.
Nonetheless, Vice ended 2022 with a slight achieve in income, even though the trade deteriorated some of the macroeconomic headwinds, CNBC prior to now reported. A few of its devices did put up a benefit closing yr, however total the corporate used to be unprofitable for 2022.
Learn the total memo from Dubuc:
Pricey Vice Media Workforce Crew,
I’m writing as of late with bittersweet information. It is been a thrilling 5 years since becoming a member of you at Vice, and I’m extremely pleased with the vital and long-lasting accomplishments now we have made in combination. We now have remodeled this Corporate from a disparate emblem to an absolutely shaped, varied media corporate entire with a thriving information group internet hosting a number of one of the vital maximum recognizable client manufacturers. Your dedication to excellence, development and ethics is remarkable and the relationships now we have constructed are permanent. Which is why because the anniversary of my tenure approaches, it’s so tricky to proportion that I’ve made the verdict to transport onto the following bankruptcy.
I’m proud to depart a Vice higher than the only I joined. In combination we racked up improbable wins whilst tackling unheard of macroeconomic headwinds brought about via the pandemic, the conflict within the Ukraine, and the economic system all which pressured us to pivot, refocus and pivot once more. Regardless of all this the Vice, Vice Studios, Pulse, in addition to Distinctive feature, R29, i-D and Unbothered manufacturers are robust. We lowered overhead via part and but stepped forward the standard of our revenues thru each larger profitability and enlargement of returning revenues. As we are facing new headwinds on the market Vice is now much less advert dependent, and our gross margins have greater than doubled.
Maximum vital, whilst there is nonetheless a lot paintings to be finished, Vice is a extra various and inclusive setting than ever.
Lately Vice has an out of this world alternative within the arms of a brand new control crew who wish to harness the companies we constructed and grew and to put the groundwork for the longer term. I do know you might be some of the maximum resilient, inventive, and made up our minds ability within the trade and your futures are brilliant and hopeful.
Take into account what I attempt to remind you, and that’s to comprehend how a ways you might have come. The accomplishments are all over the place— from new companies, totally rebuilt operations and numerous awards for courageous paintings. But in addition keep in mind to look forward to the probabilities.
I might additionally love to thank Shane and Suroosh for his or her believe and the various board contributors and buyers alongside the best way. I can cheer you on from the side-lines.
Left foot, proper foot.
Nancy