21st Century Fox Buys into Vice Media

NEW YORK: 21st Century Fox has purchased a 5-percent stake in Vice Media, which has assets spanning print, online video and TV production, for $70 million.

The deal will allow Vice Media to expand into Europe and India. The arrangement values the company at $1.4 billion. Around 25 percent of Vice Media is now owned by minority shareholders, including WPP, Raine banking group and former Viacom head Tom Freston. The deal with the News Corp subsidiary was apparently signed before the 21st Century Fox split this summer. 

Shane Smith, vice founder and CEO, said in a statement: “We get to make all the content we want? With the best platforms in the world? Grow our brand exponentially? Become the next global media brand? And all the while own the vast majority of the company and vote 95 percent of the board? Where-do-we-fucking-sign?!”