The ownership group that bought Vice Media out of bankruptcy last year is preparing to eliminate the bulk of the once-colossal digital publisher’s staff over the next few days, Vice CEO Bruce Dixon announced Thursday. He said the company will “fully transition to a studio model” and no longer publish its digital content on Vice Media’s flagship website. Additionally, Dixon said ownership is in advanced talks to sell the entertainment website Refinery29. The news came hours after rumors of the site’s shuttering—which executives did not immediately address—gripped Vice’s editorial staff. Vice Media was once valued at $5.7 billion following investments from Disney and A&E Networks but has been reduced to a shell in recent years as the digital landscape has crumbled. After suffering yearly layoffs and losses, Vice filed for bankruptcy last year and was purchased by private equity firm Fortress Investment Group. Rather than reinvest in the company, Fortress has decided to institute the deep and sweeping cuts trending across digital media. The layoffs at Vice come as other prominent news outlets including the Los Angeles Times, Washington Post, and Wall Street Journal have either slashed payrolls or closed shop altogether.