Vice just got another $450 million to expand its content empire. The investment, from global private investment firm TPG values Vice at $5.7 billion, according to founder and CEO Shane Smith.
Vice, which distributes video content for a millennial audience across digital, mobile, TV and film platforms, will use this investment to build out future projects, products and revenue streams.
“Media is probably at its most dynamic, most evolutionary time in its history,” said Smith. “With Facebook and Google taking an ever-growing piece of the online advertising pie, looming ‘skinny bundles’ and OTT/DTC [over-the-top and direct-to-consumer] offerings exploding the media status quo, networks have to be nimble, smart and fast moving.”
This partnership, which will leave Vice as an independently-operated company, will help promote its programming expansion into 80 territories by Q1 of 2018 across all platforms.
Currently, Vice’s offerings include 13 owned-and-operated digital sites, the Viceland channel on cable/satellite, a branded content studio, a documentary series and a daily news show on HBO and, where it all started, a print magazine.
“This [investment] will allow us to build up the largest millennial video library in the world, enabling VICE to widen our offering to include news, food, music, fashion, art, travel, gaming, lifestyle, scripted and feature films,” said Smith.
In an interview with CNBC, tied to the timing of the investment announcement, Smith hinted that an IPO is still in the company’s near future.
TPG joins Disney, A+E Networks, 21st Century Fox and private equity firm TCV as investors in Vice.