![]() ![]() While the company has been unprofitable over the past year, some of its units have made profits, and Vice has been profitable intermittently in recent years, the person added. Vice missed its 2022 revenue target by more than $100 million, the Wall Street Journal previously reported. SPAC 7GC was also said to be in talks to merge with Vice Media last. Vice ended 2022 with a slight increase in sales, but business deteriorated amid macroeconomic headwinds, according to a person familiar with the matter. With advertising in the dumps and its bills piling up, Vice Media (VICEM) is reportedly preparing to file for bankruptcy. However, those plans also stalled after the market cooled and investors became unconvinced of Vice’s prospects as a standalone public company. ![]() The company later sought a valuation of about $3 billion, including debt, as it attempted to go public in 2021 through special purpose vehicle 7GC & Co Holdings. Vice peaked in 2017 with a $450 million investment from private equity firm TPG, valuing the company at nearly $6 billion at the time. News site TheInformation quoted unnamed sources. Meanwhile, Buzzfeed, the only digital media company to go public, has seen its shares plummet about 90% since going public in 2021. parent Vice Media is reportedly in advanced talks to merge with special purpose acquisition company 7GC & Co. Vice Media restarts sale process at lower valuation, may fetch less than 1 billion. Media companies in general have faced a slowdown in advertising revenue as macroeconomic conditions have pushed advertisers into retreat. Use the CB Insights Platform to explore 7GC & Co. According to reports, Vice has talked to several SPACs. Holdings, sponsored by 7GC & Hennessy Capital. Vice Media Targets Valuation of Nearly 3 Billion in Proposed SPAC Deal. In particular, they face growing competition for advertising money from tech giants like Google. The controversial media company is reportedly in advanced talks to merge with SPAC 7GC & Co. View real-time VII stock price and news, along with industry-best analysis. Antenna is likely still an interested bidder in the resale process, they added.Īntenna and Fortress officials declined to comment.ĭigital media companies have fallen from great heights in recent years as growth has stalled due to shrinking viewership and advertising. The company was close to a deal with Greek broadcaster Antenna Group, but those talks have stalled in recent weeks, the people said. ![]() Bustle, a media company that owns site geared. Vice lowered its expectations in hopes of striking a deal and securing a payout sooner rather than later, people said. Vice Media has been in the advanced stage talks with a SPAC called 7GC & Co Holdings about a deal to go public. In 2019, Fortress was reportedly part of a syndicate of lenders that provided $250 million in debt to Vice. Blank check firm 7GC & Co Holdings is preparing to meet institutional investors to begin the scheme that would leave TPG, alongside Disney, A&E. One of Vice’s lenders, Fortress Investment Group, is a driving force in the sale process, the people said, and has agreed to wait for loan repayment. Some of its most attractive assets might be its content studio and creative ad agency Virtue, CNBC previously reported, but the company is trying to sell itself out in full, not in pieces, people said. The cash infusion provided revenue to fund operations and pursue deals.Vice has hired consultants over the past year to facilitate a sale of some or all of its businesses, CNBC previously reported. Its television network, Vice TV, is distributed to more than 60 million homes by A&E.Īs recently as September 2021, Vice Media raised $135 million from some of its existing investors, including James Murdoch’s Lupa Systems, TPG and TCV, as well as Antenna Group. Vice also owns a creative ad agency Virtue, a women’s lifestyle publisher Refinery29, which it acquired in 2019, and a news division, whose “Vice News Tonight” picked up a total of 21 Emmy nominations. The Brooklyn company named television veteran Nancy Dubuc, the onetime chief of A+E Networks, took the reins as CEO, charged with growing the business and transforming its culture. Smith’s aspirations to become the biggest media company in the world attracted such investors as Disney, Fox and the private equity firm TPG.Ī New York Times article that recounted allegations of sexual harassment and a culture of “male entitlement” led Smith resign as the company’s chief executive in 2018 and move to an executive chairman role. ![]()
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