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Top-level
 Vice went all-in on video, spending hundreds of millions to finance Zuckerberg's doomed attempt to conquer Youtube. But unlike other the rubes who got zucked, Vice found greater fools to scam, convincing giant, slow-moving media companies that the best way to get in on the Next Big Thing was to shower them with vast sums of string-free money: https://en.wikipedia.org/wiki/Viceland_(Canadian_TV_channel) 4/ 26 comments
This went on *literally* until the last moment. The memorial posted by @404mediaco rounds up a selection of major stories Vice's beleaguered, precarious writers produced even as Vice's vulture capitalist leadership were pulling the rug out from under them: https://www.404media.co/behind-the-blog-vices-legacy-and-the-idea-that-the-internet-is-forever/ 6/ True to form, those private equity scumbags locked all those workers out of the company's CMS without notice - and then forgot to lock down the podcasting back-end. That allowed a group of Vice veterans - Matthew Gault, Emily Lipstein, @annamerlan, Tim Marchman and Mack Lamoureux - to gather for a totally unauthorized, tell-all session that they pushed out on an official Vice channel: https://www.youtube.com/watch?v=TKT4OtDEJRA 7/ It's a hell of a listen. Not only do these Vice veterans have lots of fascinating history to recount, but they also describe the conditions under which those blockbuster stories of Vice's final days were produced. As the "visionary leaders" of the company paid themselves millions, they halted payments to key suppliers, from Lexisnexis to the interview transcription service the writers depended on. Writers paid out of pocket to search PACER court records. 8/ Not only did Vice's reporters do incredible work under terrible and worsening circumstances, but the Vice writers who got out ahead of the total collapse are *also* doing incredible work. 404 Media is a writer-owned investigative news publisher founded by four Vice escapees - Samantha Cole, @jasonkoebler, @emanuelmaiberg and @josephcox, which is both producing *incredible* work *and* sustaining the writers who founded it: 9/ All of which leads to an *inescapable* conclusion: whatever problems Vice had, they didn't include "writers don't do productive work" and *also* didn't include "that work isn't economically viable*. Whatever problems Vice had, they weren't problems with Vice's workers - it was a problem with Vice's *bosses*. 10/ Which makes Vice's final, ignominious punishment at the hands of those bosses *even more* brutal, stupid and inexcusable. According to the leaked memos emanating from the company's investors and their millionaire C-suite toadies, the business's new strategy is *abandoning their website* in order to publish on *social media*. This is...I mean, this,.. This is... Wow. I mean, *wow*. 11/ Now, this wasn't always *quite* so obvious. Back when Vice was falling for Facebook's "pivot to video," it wasn't *completely* obvious that the long con was to take your audience hostage and ransom them back to you. But *deliberately* organizing your business to be reliant on social media barons *today*? It's like trusting your money to Sam Bankman-Fried...in 2024. 13/ If there was ever a moment when the obvious, catastrophic, imminent risk of trusting Big Tech intermediaries to sit between you and your customers or audience, it was now. This is *not* the moment to be "social first." This is the moment for POSSE (Post Own Site, Share Everywhere), a strategy that sees social media as a strategy for bringing readers to channels that *you* control: https://pluralistic.net/2022/02/19/now-we-are-two/#two-much-posse 14/ encourage 15/ The most bonkers part of this strategy is that it's coming from private equity bosses, who laud themselves as the great strategists of the 21st century, whose claim on so much of our global capital and resources is derived from their brilliant insight, which allows them to buy "distressed assets" like Vice, "restructure" them to find "efficiencies" and sell them on. 16/ The reality is that PE goons - like other financiers - are basically herding animals. *Everyone's* hit on the tactic of buying up beloved media companies - from the 150-year-old *Popular Science* to modern publications like CNet - and then filling them with spammy garbage in the hopes that Google will fail to notice and continue to award them pride-of-place on search results pages: https://pluralistic.net/2024/02/21/im-feeling-unlucky/#not-up-to-the-task 17/ The fact that these billionaire brain-geniuses can't figure out how to "turn around" a site whose workers a) produce brilliant, popular, successful work; and b) depart to found successful firms that commercialize that work tells you everything about their ability to spot "a good business opportunity." 18/ PE - like other mafiosi - only have one business-plan, the "bust out," where you invade a business that produces useful things, force them to pay your chosen suppliers sky-high fees for things they don't need, extract massive fees for your "management" and then walk away from the collapse: https://pluralistic.net/2023/06/02/plunderers/#farben 19/ I'm on tour with my new novel *The Bezzle*! Catch me TONIGHT in LA with @adamconover at Vroman's, then on MONDAY in SEATTLE with Neal Stephenson (Feb 26, Third Place Books). After that, it's Portland, Phoenix, Tucson, Anaheim and more! https://pluralistic.net/2024/02/16/narrative-capitalism/#bezzle-tour eof/  Parasites infect both healthy and unhealthy hosts. They alter their host organisms to suit the parasite. https://www.snexplores.org/article/parasitic-worms-alter-body-inflammation-immune-system-treatment In another example, vampire bats have similar strategies as hedge fund managers, of "feed & fly off". Although in the case of Chris Hohn, it's more "feed & eff off". Modern hedge fund managers are like chop shops. @pluralistic Drink!   @pluralistic I'm definitely moving in this direction. I didn't think I'd return to WP-style blogging as a format, but until I can investigate other options, it's familiar and comfortable and under my control.  So much of these acts reminds you of a protection racket. An unwanted third party inserts themselves into the existence & survival of your business, and you're providing payola to mobsters in perpetuity.  @Npars01 @pluralistic  @pluralistic 🤣🤣🤣 But yeah, it's the level of "oh no, a banana peel in front of me, I will fall again!" @pluralistic @jasonkoebler @emanuelmaiberg @josephcox I have been reading 404, and it has been excellent. I did not realize they were from vice. |
Gregory's Server
And yet, at every turn, through a succession of increasingly incompetent owners who bought the stumbling, declining Vice at fire-sale prices and then proceeded to hack away at the wages and tools its journalists depended on while paying executives salaries so high that they beggared the imagination, Vice's reporters continued to turn out *stellar* material.
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