By Sahil Patel
A+E Networks is not the only company buying into Vice Media. Silicon Valley-based investment firm Technology Crossover Ventures, which has previously backed media stalwarts like Netflix, Facebook, and Electronic Arts, has also bought a minority stake in the youth digital media brand.
Like A+E, TCV has agreed to buy a 10% stake in Vice for $250 million. As a result of both deals, Vice now has a valuation of $2.5 billion, up from the $1.4 billion valuation it received when 21st Century Fox bought 5% of the company for $70 million.
The investments will be used by Vice to build out its digital products and distribution capabilities, as well as create a lot more multi-platform content and fund its continued global expansion, the company said.
Specifically, Vice said the deal with TCV will allow it to grow its in-house mobile and web 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.”
A+E’s investment will go toward the development of “dozens” of new content formats across news, culture, fashion, sports, music, and technology. (As previously stated, it’s likely that A+E’s investment will also give Vice its own TV channel.)
“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,” said Vice founder and CEO Shane Smith in a statement.