{"id":1463041,"date":"2022-05-04T07:15:13","date_gmt":"2022-05-04T11:15:13","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1463041"},"modified":"2022-05-04T07:16:17","modified_gmt":"2022-05-04T11:16:17","slug":"vice-media-hires-financial-adviser-to-seek-a-buyer","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/vice-media-hires-financial-adviser-to-seek-a-buyer\/","title":{"rendered":"Vice Media Hires Financial Adviser to Seek a Buyer"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fvice-media-hires-financial-adviser-to-seek-a-buyer%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1463041&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Vice Media, the Brooklyn-based digital media company founded by Shane Smith, has hired bankers to put the company up for sale, according to a report. <\/p>\n<p>Several buyers have expressed \u201cpreliminary interest\u201d in buying Vice outright, <a href=\"https:\/\/www.cnbc.com\/2022\/05\/02\/vice-media-hires-financial-advisors-to-seek-buyer-may-sell-itself-in-pieces.html\" target=\"_blank\" rel=\"noreferrer noopener\">CNBC reported<\/a> late Monday. Vice, which is saddled with outstanding debt and <a href=\"https:\/\/nypost.com\/2021\/09\/01\/vice-media-faces-uncertain-future-after-spac-talks-fall-through\/\">failed to go public via a special acquisition company<\/a>, is also looking into selling itself in parts, the report said.<\/p>\n<p>Vice, the once-high-flying, digital media darling valued at $5.7 billion, is currently shopping its lucrative content studio business and hired banks PJT Partners and LionTree for the transaction, <a href=\"https:\/\/www.theinformation.com\/articles\/vice-media-is-exploring-sale-of-studio-business\" target=\"_blank\" rel=\"noreferrer noopener\">the Information reported<\/a> Friday. <\/p>\n<p>According to CNBC, Vice\u2019s most desirable assets are likely to be its content studio and creative advertising agency, Virtue, which includes Pulse Films, known for producing films like \u201cPig,\u201d starring Nicolas Cage, documentary \u201cBikram: Yogi, Guru, Predator\u201d and Beyonc\u00e9\u2019s \u201cLemonade.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Shane-Smith-97.jpg\"><\/a><figcaption>At its height, Vice, which was founded by Shane Smith, was valued at $5.7 billion. <\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>Vice <a href=\"https:\/\/nypost.com\/2021\/09\/01\/vice-media-faces-uncertain-future-after-spac-talks-fall-through\/\">attempted to go public<\/a> via a SPAC last year, reaching an agreement with\u00a07GC &#038; Co Holdings. It targeted a valuation of about $3 billion including debt when it attempted to go public last year. If Vice agrees to a deal to sell the entire company, it\u2019s likely to garner a price significantly lower than that, sources told CNBC. <\/p>\n<p>Vice\u2019s SPAC plans fell through as the market cooled and investors weren\u2019t sold on Vice\u2019s financials and prospects as a stand-alone public company.<\/p>\n<p>Multiple sources with knowledge of Vice\u2019s business <a href=\"https:\/\/nypost.com\/2021\/09\/01\/vice-media-faces-uncertain-future-after-spac-talks-fall-through\/\">told The Post at the time<\/a> that going public was more of a \u201cfantasy\u201d than a reality for the company, which at its height in 2017 had a bloated valuation of $5.7 billion after private equity investor TPG gave the company\u00a0<a href=\"https:\/\/nypost.com\/2017\/06\/19\/vice-gets-a-450m-investment-from-buyout-giant-tpg\/\">a $450 million injection of capital.<\/a>\u00a0But that infusion came at a cost, as Vice agreed to hefty future repayments, according to reports.<\/p>\n<p>Since then, Vice has stumbled in its effort to grow its business, which has been marked by controversy, questionable deals and cost cuts.<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/vice-spac-talks-fall-through-06.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/05\/vice-spac-talks-fall-through-06.jpg\" alt=\"Vice&#039;s Brooklyn HQ\" class=\"wp-image-22120982\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/vice-spac-talks-fall-through-06.jpg?quality=75&#038;strip=all&#038;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/vice-spac-talks-fall-through-06.jpg?quality=75&#038;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/vice-spac-talks-fall-through-06.jpg?quality=75&#038;strip=all&#038;w=512 512w\" \/><\/a><figcaption>Vice attempted to go public via a SPAC, but those plans fell through, as the market cooled.<\/figcaption><figcaption><span class=\"credit\">John Nacion\/NurPhoto\/Shutterstoc<\/span><\/figcaption><\/figure>\n<p>\u201cNobody in the industry seriously thought that Vice was ready to go public. That was never going to happen,\u201d said a person with knowledge of the matter at the time. \u201cThe company has been in a never-ending cycle of layoffs, pivots and emergency cash infusions for half a decade. It appears the downward spiral is still ongoing.\u201d<\/p>\n<p>Founded as Vice Magazine in 1994 by the bombastic Smith, the company steadily made its push to video and TV. By 2013, Vice had its own weekly news show on HBO. Three years later, it launched a cable channel, Viceland, which slumped in the ratings.<\/p>\n<p>Under Smith, Vice had big dreams of becoming a media juggernaut with revenue touching $1 billion by 2015. But a series of critical reports in 2018 on how Vice was built on\u00a0<a href=\"https:\/\/nypost.com\/2018\/06\/11\/how-shane-smith-reportedly-built-vice-on-smoke-and-mirrors\/\">bluffs and smoke and mirrors<\/a>\u00a0by Smith, who reportedly\u00a0<a href=\"https:\/\/nypost.com\/2017\/12\/23\/female-vice-staffers-reveal-rampant-sexual-harassment\/\">oversaw a toxic work environment<\/a>\u00a0for female staff, tarnished the company and its founder.<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/vice-spac-talks-fall-through-04.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/05\/vice-spac-talks-fall-through-04.jpg\" alt=\"Nancy Dubuc\" class=\"wp-image-22120994\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/vice-spac-talks-fall-through-04.jpg?quality=75&#038;strip=all&#038;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/vice-spac-talks-fall-through-04.jpg?quality=75&#038;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/vice-spac-talks-fall-through-04.jpg?quality=75&#038;strip=all&#038;w=512 512w\" \/><\/a><figcaption>Under CEO Nancy Dubuc, Vice has undergone an aggressive restructuring and cost-cutting plan. <\/figcaption><figcaption><span class=\"credit\">Patrick McMullan via Getty Image<\/span><\/figcaption><\/figure>\n<p>Vice\u2019s fortunes were souring and by 2019, the HBO show and the cable channel were canceled, news leaked out that Vice\u00a0<a href=\"https:\/\/nypost.com\/2019\/03\/27\/vice-pays-nearly-2m-to-settle-gender-pay-disparity-lawsuit\/\">ponied up $1.87 million to settle a pay-disparity class-action lawsuit<\/a>\u00a0filed by female employees, and Smith was\u00a0<a href=\"https:\/\/nypost.com\/2018\/03\/12\/nancy-dubuc-in-talks-to-replace-shane-smith-as-vice-ceo\/\">replaced as CEO by A&#038;E boss Nancy Dubuc<\/a>.<\/p>\n<p>Dubuc had been charged with changing the company\u2019s so-called bro culture and she was tasked with integrating the struggling, girl power-focused media giant Refinery29, which the company\u00a0<a href=\"https:\/\/nypost.com\/2019\/10\/02\/vice-media-takes-hit-in-valuation-as-it-acquires-refinery29\/\">acquired in 2019 in an all-stock deal.<\/a>\u00a0That deal not only lowered the overall valuation of Vice to about $4 billion at the time, but it also baffled media watchers.<\/p>\n<p>\u201cThe cultures are oil and water. Misogyny meets feminism,\u201d a digital executive told The Post at the time. \u201cWhen they merge, there will be very deep cuts on the Refinery side,\u201d predicted the executive. \u201cVice will gut them.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/vice-spac-talks-fall-through-01.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/05\/vice-spac-talks-fall-through-01.jpg\" alt=\"Vice logo\" class=\"wp-image-22121011\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/vice-spac-talks-fall-through-01.jpg?quality=75&#038;strip=all&#038;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/vice-spac-talks-fall-through-01.jpg?quality=75&#038;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/vice-spac-talks-fall-through-01.jpg?quality=75&#038;strip=all&#038;w=512 512w\" \/><\/a><figcaption>The Brooklyn-based Vice was once the digital media darling of the industry. Now it looks to sell itself in parts. <\/figcaption><figcaption><span class=\"credit\">FilmMagic<\/span><\/figcaption><\/figure>\n<p>The source wasn\u2019t too far off, as there have been several rounds of\u00a0<a href=\"https:\/\/nypost.com\/2019\/02\/01\/vice-media-is-laying-off-10-percent-of-its-workforce\/\">reorganization<\/a>\u00a0under Dubuc across the company, which has not only helped cull costs, but also grow revenue. The Wall Street Journal reported last year that Vice has estimated it will\u00a0<a href=\"https:\/\/www.wsj.com\/articles\/vice-media-targets-valuation-of-nearly-3-billion-in-proposed-spac-deal-11620644403\" target=\"_blank\" rel=\"noreferrer noopener\">hit $1 billion in revenue<\/a>\u00a0by the end of 2023.<\/p>\n<p>Now, Vice is mulling a sale as it seeks liquidity for investors and to help pay back about $1 billion in debt.<\/p>\n<p>CNBC said discussions with potential buyers are ongoing and that no deal is assured or imminent. TPG isn\u2019t interested in buying all of Vice and instead is looking to monetize some of its investment, the report said.<\/p>\n<p>A Vice rep told the publication: \u201cThe market is very active in the studio space right now and we have built a scaled, global world-class studio business that\u2019s\u00a0generating inquiries \u2014 when there\u2019s that kind of interest, we have to consider it for our\u00a0investors. Beyond\u00a0that, there\u2019s nothing to comment on.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vice Media, the Brooklyn-based digital media company founded by Shane Smith, has hired bankers to put the company up for sale, according to a report. Several buyers<\/p>\n","protected":false},"author":498,"featured_media":1897358,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1463041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_finder_url":"https:\/\/nypost.com\/2022\/05\/03\/vice-media-hires-financial-advisor-for-sale-report","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1463041","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1463041"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1463041\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1897358"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1463041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1463041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1463041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}