Vice Media just landed a $450 million investment from private equity firm TPG that the millennial-focused digital media company will use to develop scripted programming and streaming video.

The deal also reportedly boosts Vice’s valuation to $5.7 billion, according to multiple reports, though the companies did not disclose the size of TPG’s minority stake in Vice. The Brooklyn-based media company already counts Walt Disney and 21st Century Fox as minority owners, and Disney’s most recent investment valued Vice at more than $4 billion, in 2015. News of TPG’s investment follows reports last month that Vice was seeking another funding round that would boost the company’s value and potentially pave the way for an eventual initial public offering. (There was also speculation last year that Disney may try to acquire Vice outright, but those rumors have died down of late.)

TPG, which holds a majority stake in talent agency CAA, also owns stakes in a range of tech startups, including Airbnb and Spotify.

Vice said on Monday that it would put TPG’s investment toward building subscription streaming and direct-to-consumer video services to complement the company’s existing video found on Vice’s various digital channels as well as the …read more

Source:: – Tech

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