The Walt Disney Co. has doubled its investment in Vice Media, pumping another $200 million into the millennial-focused media company, according to several reports.
Disney had previously invested the same amount last month, after A+E Networks announced a deal to launch a new cable channel – Viceland – that would replace its existing network H2. Disney jointly owns A+E Networks with Hearst Corp.
According to a report in the Financial Times, the money will be used for additional international programming and development for Viceland.
The additional investment gives Disney a 9% stake in the company while A+E Networks controls about 15%. Other earlier investors include 21st Century Fox (5%), advertising giant WPP and Technology Crossover Ventures, the Silicon Valley fid that also holds interests in Netflix and Facebook. Vice is valued at between $4 billion and $4.5 billion.
Vice, founded by CEO Shane Smith, started out as a music magazine but evolved into a full-fledged multi-platform media group with international television channels and a strong online presence. The company also has a strong relationship with HBO, whose parent Time Warner Inc. once considered making an investment in the company.