Vice Media Group’s Cory Haik says company’s publishing business is ‘very close to profitability’
By Tim Peterson
Vice Media Group has had a rough year. To put it mildly. Its CEO stepped down. It filed for Chapter 11 bankruptcy. It sold to a group of former lenders at a fraction of its previous valuation. But Cory Haik, COO of VMG’s news and entertainment group, sees the publisher’s prospects turning around within in the next couple years.
“We anticipate that is a sort of 12- to 18-month build-back process overall. But we intend to get to profitability, ultimately, at the VMG level, at the corporate level, in that timeframe,” Haik said on stage during the Digiday Publishing Summit in Key Biscayne, Florida, on Sept. 18.
With respect to Vice’s publishing business specifically, Haik said that business is “very close to profitability” and that “different brands within the publishing business are profitable.” Its YouTube business in particular operates at a break-even, she said, while serving as part of the publisher’s intellectual property flywheel and an upper-funnel audience awareness play.
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Source:: Digiday
