Journal reported, in a deal that would revalue it at $3 billion. It tightened its belts, laying off 155 employees, in 2020 as the pandemic surged.īy May 2021, it was preparing to go public through a merger with special purpose acquisition company 7GC, the Wall St. Investors including 23 Capital, Soros Fund Management, Fortress Investment Group and Monroe Capital provided Vice $250 million in debt in 2019. Then Smith was kicked aside in 2018 for presiding over a “ toxic environment” and A&E’s Nancy Dubuc took the helm to rebuild its reputation.
Vice received an investment of $650 million in 2017 from TPG, which created an overheated valuation of $5.7 billion. McInnes left the company in 2008 and went on to found the right-wing Proud Boys in 2016.
has been in talks to go public through a merger with 890 5th Avenue Partners Inc., Bloomberg reported in March.After the dot-com bubble burst, the founders bought out the investor. Vice isn’t the only digital media company looking to go public through a SPAC. Holdings were reported in March by The Information, which said the company’s revenue last year was US$580 million, down 4per cent from the year before. Vice’s proposed valuation was reported earlier Monday by the Wall Street Journal, which also said the deal could liberate the company from onerous financial obligations to TPG. And yesterday, The Wall Street Journal reported that Vice Media Group is also moving ahead with a SPAC-led combination with 7GC & Co Holdings, a blank-check company that priced back in December. At the same time, the industry has started to consolidate, and digital media companies are either selling or looking to go public through a special purpose acquisition company, or SPAC, to give their longtime investors an exit. Many are cutting costs to reach profitability and diversifying to rely less on ad revenue. New-media company Vice Media is reportedly in talks to merge with the San Francisco special-purpose-acquisition company 7GC & Co Holdings, media reports say. US reports suggest the company has been exploring sale options since abandoning plans to go public via a merger with 7GC & Co Holdings last year. Online media companies have struggled to meet lofty growth expectations, in part because digital advertising dollars have gone increasingly to tech giants like Facebook and Google. 1st August 2022 12:33 Gangs Of London Vice Media is reportedly in talks to be acquired by longtime commercial partner Antenna Group. That’s a decline from four years ago, when Vice got a US$450 million investment from TPG that valued the company at US$5.7 billion. Vice is seeking a valuation of about US$3 billion, including debt, the person added. Holdings didn’t immediately respond to a request for comment. SPAC 7GC was also once in talks to merge with Vice Media (VICEM), whose assets include Vice News, Vice TV, Refinery29 and Motherboard, however, the parties. A definitive agreement has yet to be reached, and there’s no assurance the parties will reach one.ħGC & Co. Holdings will own other 25per cent of the company, joined by institutional investors who agree to fund the transaction following a roadshow, the person said. Vice Media Targets Valuation of Nearly 3 Billion in Proposed SPAC Deal. Vice’s existing investors, including the private equity firm TPG and Walt Disney Co., would own 75per cent of the new company after the merger. View real-time VII stock price and news, along with industry-best analysis. Holdings Inc., a special purpose acquisition company led by tech investor Jack Leeney, according to the person, who asked not to be identified because the matter is private. Under the proposal, Vice would combine with 7GC & Co. Vice Media Inc., a cable and online entertainment group, is in talks to merge with a blank-check company, according to a person with knowledge of the matter, in a deal that values the business at about half what it was four years ago. SPAC 7GC was also said to be in talks to merge with Vice Media ( VICEM) last year, however, the parties walked away from a potential deal in August 2021.
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