Vice Media will be restructuring its global organisations, which will involve laying off over 100 employees, and shutting down its Vice News Tonight broadcast. The media company has been facing difficulties and has reportedly been searching for a buyer for several months, as reported by The Wall Street Journal.

"We are transforming VICE News to better withstand market realities and more closely align with how and where we see our audiences engaging with our content most," co-CEOs Bruce Dixon and Hozefa Lokhandwala said in a note to staff seen by WSJ.

Vice Media has decided to make Vice News its sole news brand globally, which means the end of the Vice World News brand. Vice World News created digital and TV news content for global audiences. Earlier this year, Vice Media secured $30 million in debt financing from Fortress Investment Group.

Vice, which was valued at almost $6 billion at its peak, reportedly received a $400 million bid from Group Black last month. Meanwhile, Insider, a well-known news outlet, announced last week that it would lay off 10% of its workforce, including staff writers.

The recent layoffs in the media industry indicate the continued impact of the struggling economy. Jonah Peretti, CEO of BuzzFeed.com, announced the closure of their Pulitzer Prize-winning news arm. 

The company stated that it is cutting about 15% of its workforce across various departments, including business, content, tech, and admin, and has initiated the process of closing BuzzFeed News.

In recent months, various media organisations such as ABC News, NPR, Vox Media, CNN and others have announced layoffs of their staff members.