Vice Media Group is a conglomerate with a bunch of other stuff besides the magazine/website. An ad agency [1], a tv/film studio [2], another film studio [3], etc. It seems like they’ll be keeping a lot of that too. The linked message implies they’re shutting down the ad-supported journalism part of the company and doubling down on contract work.

[1] https://www.virtueworldwide.com/

[2] https://studios.vice.com/

[3] https://www.pulsefilms.com/

I assume it was that high to get more funding? like a VC startup style? no other reason make sense

That alone explains what’s happening.

When the real owners of this country pick you as their propaganda darling.. you get to hire all their useless cousins, nieces/nephews and their college friends with hunanities degrees. See twitter.

There are many labels I could apply to Vice, but I'm reasonable sure "propaganda darling" of the "real owners of this country" would not be near the top. Were you thinking of Fox or New York Times or something?