Vice receives $500m technology and content investment boost
Vice has received an investment boost after technology and media investment companies Technology Crossover Ventrues (TCV) and A+E Networks agreed deals to the tune of $500m to help the media company develop new products.
Deal: Vice is set for a $500m investment boost
Both companies will invest $250m each and will assist in developing both tech products and content that can be consumed and distributed across a range of devices crossing digital, mobile and linear screens. TCV has previously worked with Netflix, EA and Facebook.
Shane Smith, Vice founder and chief executive, said the investment would drive Vice’s “quest for total media domination”.
“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.”
Jay Hoag, TCV founding general partner, added: “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.”
Vice, which currently has a presence in 36 countries, will use the investments to further expand its global reach.
The transactions have reportedly valued Vice at more than $2.5bn.