Vice Media announced on Monday that it had closed a $450 million investment from private equity firm TPG, as the millennial-focused media company seeks to offer more programming content as well as expand into new markets.
TPG’s investment values New York City-based Vice at about $5.7 billion, a source familiar with the matter said. That’s up from late 2015, when it snagged a valuation of around $4 to $4.5 billion, according to The Wall Street Journal.
It also places it substantially above competitors like BuzzFeed, which was valued at $1.5 billion (pre-money) in late 2016, according to documents from CB Insights.
Vice, home to channels such as Viceland and Motherboard, said it would use the funding to launch “Vice Studios,” a platform that will offer scripted programming. It will also use the funds to develop over-the-top and direct-to-consumer services.
“We need to build a much bigger library,” Vice CEO Shane Smith told CNBC. “We already do news. We do docs, and we do reality, but we want to do a lot of scripted and feature films.”
Vice, which started in 1994 as a Montreal punk magazine, has evolved into a multimedia company offering print, television, and online content as well as a …read more
Source:: Businessinsider – Technology