“It is no longer cost-effective for us to distribute our digital content the way we have done previously,” according to a memo from chief executive Bruce Dixon.

“Regrettably, this means that we will be reducing our workforce, eliminating several hundred positions,” he said, joining the list of big media firms which has taken similar decisions this year.

The memo added that it stopped publishing on Vice.com.

Dixon said Vice planned to “partner with established media companies to distribute our digital content”.

The company continues to sell the business, according to Dixon who said the announcement would be made in the coming weeks. It was launched in 1994 by Shane Smith, Gavin McInnes and Suroosh Alvi. Vice Media operates in more than 30 countries.

The company was valued at $5.7 billion in 2017, however, in May last year it filed for bankruptcy in the United States.