Media Chinese International Ltd, a Malaysia-based media group, announces a 44% staff reduction to cut rising publishing costs, affecting nearly 800 employees.
The company plans to leverage AI to monetize digital content and further reduce costs.
This move highlights the ongoing challenges in the media industry.
Vice News is, to all intents and purposes, no more. The company made a statement last month to say “it is no longer cost-effective for us to distribute our digital content the way we have done previously,” and on Feb. 26, laid off more than 100 journalists. The Hollywood Reporter tells the story of the media company's founder and CEO, Shane Smith, and where it all went wrong.