On the heels of selling 10 percent of its company to A&E Networks for $250 million last week, Vice said Thursday that it has raised another $250 million through another 10 percent ownership deal with Technology Crossover Ventures.
Vice said the investment money will help it create more digital projects and aid in multiscreen distribution, as well as position the company for a wider global presence. Although it sold a chunk of the operation, Vice Media leadership will remain in place.
"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," Vice CEO Shane Smith said, in a statement. "High-quality content and innovative tech platforms will drive Vice through this next period of growth on our relentless quest for total media domination."
A source said the partnerships give Vice an opportunity to own the tech and distribution models so it could facilitate a smoother cross-screen user experience. Also, the company decided to work with these firms because they allowed it to maintain its editorial sovereignty, the source added.
The latest deals value the company at more than $2.5 billion. Currently, Vice is available in 36 countries and amasses more than 150 million unique views across the entire portfolio. The company had previously unveiled plans to launch additional international Vice News editions by 2015.
It seems logical that Vice—which has the fasting growing news channel on YouTube and now gets 95 million monthly views—would want a linear outlet besides HBO. A&E Networks CEO Nancy Dubuc said that the company looked forward to using Vice's content to provide viewers with multiscreen programming, particularly the type of millennial-oriented content that Vice provides.
"As a global media company, A+E Networks continually seeks to create new and exciting content that will attract audiences today, tomorrow and beyond. By investing in Vice, we are thrilled about our potential to further deliver content that meets the demands of the latest consumption trends," Dubuc said.