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Vice gets US$450m from TPG, valuing company at US$5.7b
[LOS ANGELES] Vice Media Inc got a US$450 million investment from private equity firm TPG, valuing the irreverent chronicler of youth culture at US$5.7 billion.
The funding will help Vice expand its programming for mobile phones and offering video direct to consumers, Chief Executive Officer Shane Smith said on CNBC. The company continues to consider an initial public offering, he said.
Vice already produces a slew of reality and news programs, such as series about the culture of marijuana, gay and lesbian issues and food, and is developing scripted shows now that its network is in about 80 countries. Vice also makes video for services like YouTube and Snapchat along with a daily news show for HBO.
Vice has already raised money from some of the largest media companies in the world. Walt Disney Co and 21st Century Fox Inc both own stakes in Vice, which was valued at US$4 billion at the time of Disney's latest investment.
Vice's value has gained on the strong reception to its weekly news magazine for HBO, an award-winning documentary about the Islamic State terrorist group and the growing viewership for its videos online.