Vice Media Hits $1.4 Billion Valuation Following Fox’s $70 Million Investment
21st Century Fox has put $70 million into Vice Media. This gives Fox around a 5% stake in the company and gives Vice a $1.4 billion valuation. Vice reportedly brought in around $175 million in 2012 revenues and more than 80% of it was from the web. The company also has a show on HBO. Vice also previously received funding from ad company WPP, The Raine Group, and Viacom CEO Tom Freston.
Vice started off as a magazine in 1994 and expanded into Vice Media with a few divisions including the magazine, VBS.tv, a record label, and a film production company. The magazine is available free of charge in 28 countries and generates most of their revenue from advertising. The Vice YouTube channel has around 2.9 million subscribers. When the magazine launched in 1994, it was called the Voice of Montreal and it had government funding.
[Source: Financial Times]