Deal values the company at $1.4 billion
Vice Media has sold a $70 million stake to 21st Century Fox, marking the latter’s first major deal announcement since splitting off from News Corp. in June. The deal gives Fox a 5% stake in Vice and values the company at $1.4 billion, according to a report Friday in the Financial Times.
“We get to make all the content we want? With the best platforms in the world? Grow our brand exponentially? Become the next global media brand? And all the while own the vast majority of the company and vote 95% of the board? Where-do-we-fucking-sign?!” Vice founder and CEO Shane Smith said in a statement. Reps for 21st Century Fox could not be reached.
Known for its gonzo journalistic tactics – like bringing basketball star Dennis Rodman to North Korea earlier this year — Vice has
grown from a Canadian music mag into an online news site fueled by videos from hotspots around the globe. Fox joins other minority shareholders including Raine, the merchant bank connected with WME, global marketing firm WPP and former Viacom honcho Tom Freston. In June, News Corp. spun off its entertainment assets — including its film and television studios — into the separate and publicly traded 21st Century Fox. News Corp. now holds the company’s publishing assets, including the New York Post and the Wall Street Journal.