21st Century Fox has taken a 5% stake in Vice Media, a deal that values the company at a staggering $1.4 billion.
From the Financial Times:
Brooklyn-based Vice started life as a music magazine in Canada but its growth in the past five years has been fuelled by online video, particularly its gonzo-style films from world trouble spots. The company generated revenue of about $175m in 2012.
It is planning an aggressive push in India through 21st Century Fox’s Star, and in Europe, where 21st Century Fox has stakes in Sky channels in the UK, Germany and Italy. Vice will also use 21st Century Fox’s media assets in India, where the company owns the Star platform.
“I want us to be the next MTV, ESPN and CNN rolled into one – and everyone always rolls their eyes,” said Shane Smith, Vice’s co-founder and chief executive.
“The reality is that MTV was bought by Viacom and CNN went to Time Warner. We have set ourselves up to build a global platform but we have maintained control.”