Fox Paid $70M For 5% Stake In Vice Media
By DAVID LIEBERMAN, Financial Editor
The deal just came to light although it was made before the end of June when News Corp split into separate entertainment and publishing companies. But it gives 21st Century Fox a foothold in a trendy digital media, TV, and publishing company that has captured the imaginations and financial support of former MTV chief Tom Freston, WME’s Ari Emanuel, WPP, and The Raine Group as well as comedian Bill Maher. Vice plans to use the cash and connections with Fox to expand overseas, especially India. “We get to make all the content we want? With the best platforms in the world? Grow our brand exponentially? Become the next global media brand? And all the while own the vast majority of the company and vote 95% of the board? Where-do-we-fucking-sign?!” Vice founder and CEO Shane Smith says.