New York (CNN) Vice Media announced significant cutbacks to its staff on Friday, adding more job losses to an already beleaguered industry.

The layoffs were revealed in a memo by CEO Nancy Dubuc, who said the company had finalized its 2019 budget and will now shift its focus "to executing our goals and hitting our marks."

The Hollywood Reporter, which first reported the layoffs , said that the cuts "will impact around 250 people," or about 10% of its workforce.

A Vice spokesperson confirmed to CNN Business the accuracy of the report.

"We will make VICE the best manifestation of itself and cement its place long into the future," Dubuc said in the memo, which was obtained by CNN Business. "To this end, we've had to make hard but necessary operating decisions. Starting today, the next phase of our plan begins as we reorganize our global workforce. Unfortunately, this means we will have to say goodbye to some of our VICE colleagues."

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