Nowhere near as dramatic as the headline implies. The tl;dr (slightly paraphrased)

> It is no longer cost-effective for us to distribute content the way we've done previously. Moving forward we will partner with established media companies to distribute our content as we fully transition to a studio model. As part of this we will no longer publish content on vice.com, putting more emphasis on our social channels

Vice is still in business, but its content distribution is changing from website to a combination of publishing via larger media companies and social media.