EXCLUSIVE: Nancy Dubuc is leaving Vice Media Group where she was CEO for the past five years. She just announced her decision to her staff in a memo (you can read it below.) It comes as the board has launched a process to sell — an acquisition of the whole company, a strategic recapitalization, or other transactions involving individual assets — under the oversight of a Special Board Committee. According to sources, Dubuc was at the end of her contract and decided it was time to move on.
“Nancy joined Vice at a pivotal time and put in place an exceptional team that has positioned the company for long-term success,” the company’s board of directors said in a statement. “We thank Nancy for her many contributions and will soon announce new leadership to guide Vice. forward into its next stage of growth and transformation.”
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Dubuc, who had been on the Vice board through her role at A+E Networks and that company’s co-venture Viceland (Now Vice), was named CEO in March 2018, replacing Vice co-founder Shane Smith who became Executive Chairman.
She joined the company as it had been battling accusations of sexual harassment in the workplace and a pervasive boy’s club culture and as it was coming off a major revenue miss and dealing with a revolving door of top executives.
Over the last five years, Dubuc brought stability, helped rehabilitate the company and positioned it for growth amid constant drumbeat that Vice would be sold and while navigating challenges from the pandemic, the war in Ukraine and the economy. Vice increased revenue and profits in 2022 and is projected to reach full-year profitability this year. She also built an experienced senior leadership that understands the company’s strategic priorities and mission.
“We have transformed this Company from a disparate brand to a fully formed, diversified media company complete with a thriving news organization hosting a collection of some of the most recognizable consumer brands,” Dubuc wrote in her farewell note. “I am proud to leave a Vice better than the one I joined.”
Vice is coming off the premiere of Sean Penn’s documentary Superpower, about Ukraine’s President Zelensky, at the Berlin Film Festival. Vice made headlines last year when it beat storied news brands by having presence and unprecedented access in Ukraine at the time of the Russian invasion when Penn and his Vice team were filming on the ground.
Additionally, Vice World News published this morning its first ever 10-minute TikTok video to mark the one-year anniversary of the War in Ukraine and our coverage of the war. Vice, which traditionally has appealed to younger viewers than the mainstream news media, has more than 6 million Tik Tok followers, more than most news organizations, and will air the 1000th episode of Vice World News next month.
Dubuc also used her extensive TV executive background to expand Vice’s original productions, with dozens of shows produced for streamers and other platforms. That includes the upcoming Bamarush for HBO Max; American Gladiators for ESPN; and 100 Days to Indy for the CW; as well as the scripted series Tell Me Lies on Hulu and Gangs of London for Sky.
Vice’s linear channel, distributed by A&E, has a programming slate that spans Tales from the Territories, produced by Dwayne the Rock Johnson (aired this past fall), Super Maximum Retro Show, produced by Jimmy Kimmel and premiering next month, and the Dark Side franchise.
Prior to her stint at Vice, Dubuc was president and CEO of A+E Networks, overseeing cable networks A&E, Lifetime, History, Lifetime Movies, FYI and Viceland as well as digital content and distribution, A+E Studios, A+E Networks International and A&E Indie Films. She spearheaded the rebranding of two networks in her portfolio — Bio, which became FYI, and H2 into Viceland via the joint venture with Vice.
Here is Dubuc’s note:
Dear Vice Media Group Team,
I am writing today with bittersweet news. It’s been an exhilarating five years since joining you at Vice, and I am incredibly proud of the important and long-lasting accomplishments we have made together. We have transformed this Company from a disparate brand to a fully formed, diversified media company complete with a thriving news organization hosting a collection of some of the most recognizable consumer brands. Your commitment to excellence, progress and ethics is unparalleled and the relationships we have built are everlasting. Which is why as the anniversary of my tenure approaches, it is so difficult to share that I have made the decision to move onto the next chapter.
I am proud to leave a Vice better than the one I joined. Together we racked up incredible wins while tackling unprecedented macroeconomic headwinds caused by the pandemic, the war in the Ukraine, and the economy all which forced us to pivot, refocus and pivot again. Despite all this the Vice, Vice Studios, Pulse, as well as Virtue, R29, i-D and Unbothered brands are strong. We reduced overhead by half and yet improved the quality of our revenues through both increased profitability and growth of returning revenues. As we face new headwinds in the marketplace Vice is now less ad dependent, and our gross margins have more than doubled.
Most important, while there’s still much work to be done, Vice is a more diverse and inclusive environment than ever.
Today Vice has an incredible opportunity in the hands of a new management team who are looking to harness the businesses we built and grew and to lay the groundwork for the future. I know you are among the most resilient, creative, and determined talent in the business and your futures are bright and hopeful.
Remember what I try to remind you, and that is to appreciate how far you’ve come. The accomplishments are far and wide— from new businesses, completely rebuilt operations and countless awards for brave work. But also remember to look ahead to the possibilities.
I’d also like to thank Shane and Suroosh for their trust and the many board members and investors along the way. I will cheer you from the side-lines.
Left foot, right foot.
Nancy
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