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Fox takes 5% stake in Vice Media

August 19, 2013 11.14 Europe/London By Robert Briel

vice-logo21st Century Fox has taken a 5% stake in Vice Media in a deal that values the company at $1.4bn (EUR1.2bn).

“I want us to be the next MTV, ESPN and CNN rolled into one – and everyone always rolls their eyes,” Shane Smith, Vice’s co-founder and chief executive told the Financial Times.

“The reality is that MTV was bought by Viacom and CNN went to Time Warner. We have set ourselves up to build a global platform but we have maintained control,” he added.

Vice started out as a print publication in 1994, but most of its recent success has been online, especially in video including a show on HBO as well as other broadcasters, such as Germany’s ZDF. The company generated revenue of about $175m in 2012 with around 80% coming from its digital activities.

Minority shareholders own 25% of Vice Media, including the advertising giant WPP, The Raine Group, former Viacom CEO Tom Freston, and comedian Bill Maher, with the founders and senior management holding on to the rest.

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Filed Under: Finance, Newsline Tagged With: FOX, Vice Media Edited: 19 August 2013 11:31

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About Robert Briel

Arnhem-based Robert covers the Benelux, France, Germany, Austria and Switzerland as well as IPTV, web TV, connected TV and OTT. Email Robert at rbriel@broadbandtvnews.com.

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