Vice Media let go about 60 workers on Friday, representing 2% of its 3,000 total employees, in an effort to focus more on video.
News of the layoffs was first reported by Variety. The layoffs occurred in Vice’s branded, sales, editorial and corporate divisions in the U.S. Canada and Europe.
The moves come on the heels of a $450 million investment from private equity fund TPG, which at the time Vice said would help expand its video offerings. The company said in light of that investment, it will hire people on the video side both locally and internationally. Vice has said it plans to open a new office in the Middle East and India and plans to expand in Brazil and Indonesia.
In announcing the TPG investment, Vice founder and CEO Shane Smith noted that networks need to be “nimble, smart and fast moving,” as the status quo is continuously disrupted by OTT, skinny bundles and direct to consumer offerings.