It is the second big investment in the youth-oriented media company this week
Vice Media has added another quarter billion dollars of investment to expanding its growing empire.
The company announced on Thursday that Technology Crossover Ventures (TCV) has invested $250 million in Vice, acquiring a minority stake in the media company, which is now valued at over $2.5 billion. The investment follows the splashy plunge taken by A+E, which sunk $250 million into Vice last week, which gave them a 10 percent stake in the company and opened the doors for a Vice cable network.
TCV, a Silicon Valley tech investment fund, has worked with several prominent consumer tech and media companies in the past, including Netflix, Electronic Arts, and Facebook.
The TCV investment in Vice will be targeted at web and mobile distribution, “with the immediate goal of developing distribution technologies for mobile consumption, content-led user experiences, app and mobile development, and new advertising product creation,” the company said.
“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,” Shane Smith, Vice’s founder and CEO, said in a statement. “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.”