Vice Media has announced the layoff of “several hundred” employees and the closure of the Vice.com news website

Vice Media’s CEO informed staff members in a message on Thursday that the business intends to fire several hundred workers and stop posting content on Vice.com.

CEO Bruce Dixon sent a note to team members stating that Vice, which declared bankruptcy last year and was later purchased by a group headed by the Fortress Investment Group for $350 million, is also considering selling its Refinery 29 publishing division.

It’s the most recent indication that the media sector is struggling financially. Aside from employment losses at traditional media companies like the Wall Street Journal, Washington Post, and Los Angeles Times, other digital sites that have closed in the last year include the Messenger, BuzzFeed News, and Jezebel.

Vice, situated in New York, was formerly a daring media firm with an immersive narrative approach that spanned internet, television, and cinema sources. In 2017, Vice was valued at $5.7 billion. The company catered to a younger demographic.

Dixon said that hundreds of individuals would be impacted and contacted early next week, but he did not provide any other details about the layoffs. According to the New York Times, the firm employs around 900 workers at the moment.

Dixon said, “I know it’s hard and feels overwhelming to say goodbye to our valued colleagues, but this is the best course of action for Vice as we position the company for long-term creative and financial success.”

He said that Vice could no longer afford to disseminate its digital content—including news—in the same manner as before. He said that Vice will prioritize its social media accounts and explore other methods of content distribution.

Dixon said that Vice will adopt a studio format as part of its strategic change.

As part of a series of layoffs last year, Vice discontinued its television show, “Vice News Tonight,” before declaring bankruptcy.