VICE Receives New Minority Investment

NEW YORK: VICE Media has received $250 million from a minority investment by Technology Crossover Ventures (TCV), coming shortly after A+E Networks' $250 million investment, with the company now valued at more than $2.5 billion.

The TCV investment will be used by VICE to further develop its slate of digital products and distribution capabilities, giving audiences new ways to experience VICE content across all devices, screens, social networks and digital platforms. The investment will go toward building out VICE's in-house web and mobile teams, with the immediate goal of developing distribution technologies for mobile consumption, content-led user experiences, app and mobile development, and new advertising product creation. Jay Hoag, TCV's founding general partner, commented, “VICE Media is an incredibly well positioned next-generation media company. Through a focus on high-quality content, delivered across an array of online and mobile channels, the studio has expanded rapidly worldwide. We believe VICE has a great future, and we’re excited to support the company as it enters this next stage of growth.”

The A+E Networks partnership will allow VICE to develop thousands of hours of multiplatform programming for audiences worldwide, dramatically increasing its content offerings for every screen, including digital, linear and mobile. A+E Networks’ investment will be used by VICE to develop dozens of new formats focused on news, culture, sports, fashion, music and technology programming for audiences worldwide. Nancy Dubuc, the president and CEO of A+E Networks, commented: “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.”

VICE Media remains independently controlled and operated by senior management. Shane Smith, VICE’s founder and CEO, commented, "VICE is very excited to announce today that we have closed deals with both A+E on the media/terrestrial TV side and TCV on the tech side. 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. High-quality content and innovative tech platforms will drive VICE through this next period of growth on our relentless quest for total media domination."