Behind the Collapse of Vice

This article has been imported from chorus.fm for discussion. All of the forum rules still apply.

Elizabeth Lopatto, writing at The Verge:

Sometimes certain lines of business weren’t told about the revenue goals they were expected to fulfill. Meanwhile, the company’s actual accounting and expense controls were messy. For instance, Vice’s digital division had expenses from NetJets — a private jet service — on its profit and loss statement, two sources told me. (A third confirmed the NetJets account existed without saying which balance sheet it was on. Two sources took credit for eventually canceling the NetJets account. “Since at least 2021, Vice has not had a NetJets account,” according to Vice spokesperson Samira Sorzano.) One executive source alleged that the digital division was funding a production executive’s $350,000 salary — an executive who the source claims did virtually nothing. Another exec heard, to their shock, that someone had reportedly spent $24,000 on a one-way ticket from New York to London.

more

Not all embedded content is displayed here. You can view the original to see embedded videos and other embedded content.