LONDON — Vice Media has received a $250 million boost from Silicon Valley’s Technology Crossover Ventures, which has previously invested in Netflix, Electronic Arts and Facebook, among others. The investment follows the recently announced $250 million injection from A&E Networks.
TCV and A&E will each receive a 10% stake in Vice in exchange for their investments. The deals value the company at more than $2.5 billion. Last year, 21st Century Fox paid $70 million for a 5% stake, and James Murdoch sits on the Vice board.
Shane Smith, Vice’s founder and CEO, said in a statement, “We believe that these new partnerships position us at the forefront of the coming convergence of media and technology, while preserving and protecting our independence. High-quality content and innovative tech platforms will drive Vice through
this next period of growth on our relentless quest for total media domination.”
The TCV investment will be used to “develop a world-class slate of digital products and distribution
capabilities, giving audiences new ways to experience Vice content across all devices, screens, social networks, and digital platforms,” the company said.
Vice added that the investment will go toward “building out Vice’s in-house web and mobile teams,
with the immediate goal of developing distribution technologies for mobile consumption, content-led user experiences, app and mobile development, and new advertising product creation.”
The A&E investment will be used to develop “thousands of hours of multi-screen content across digital, mobile and linear screens. Additionally it will be used for Vice’s global expansion.”
Vice added that the investment will be used to develop “dozens of new formats focused on news, culture, sports, fashion, music and technology programming for audiences worldwide.”