Vice didn’t immediately respond to a request for comment.
The company is looking to raise the new funding as it is working toward profitability, according to the new report, which also states that the cash influx is likely going to be a mix of equity and debt financing.
Vice has raised a total of $1.4 billion across several rounds, most recently adding $450 million in summer of 2017. That funding round valued the company $5.7 billion, but its valuation has since declined significantly: Disney disclosed a $157 million write-down on its stake in Vice late last year.
Like other venture-funded media companies, Vice has struggled to meet its revenue goals. The Wall Street Journal reported late last year that Vice expected to bring in $600 to $650 million in revenue for the year, which is about the same it generated in 2017, and $100 million short of its original goal for the year.
While announcing last month’s layoffs, Vice CEO Nancy Dubuc signaled that she was looking for a turn-around. “Having finalized the 2019 budget, our focus shifts to executing our goals and hitting our marks,” she said in a memo to employees. Dubuc’s strategy is said to include an increased focus on film and TV production as well as branded content, and less engagement in online media.