In 2011, Alvi finalised a partnership between Vice Music and Warner Bros Co and by the end of 2012, the company reported revenues exceeding $175 million. In August 2013, Vice received a $70 million investment from Rupert Murdoch’s 21st Century Fox, acquiring a 5% stake in the company. This deal placed the company at a valuation of nearly $1.4 billion.
Following the launch of Vice News and its very positive public response, A&E Networks acquired a minority 10% stake in the company in a deal valued at nearly $250 million. The newly forged partnership with A&E resulted in the launch of Viceland in 2015, a cable show that would air Vice-produced content. Subsequently, Disney made two $200 million investments in November and December of the same year netting them a minority stake of 9% in the company. This deal placed Vice at a valuation of over $4 billion and by the end of the next year, the company reported revenues exceeding $500 million.
In June 2017, private equity firm TPG Capital invested $450 million into the company, valuing the company at nearly $5.7 billion. However, in 2018, Disney wrote down their Vice investment by $157 million and following the Fox-Disney merger, the company had a combined 26% stake in the company by the end of 2019. In May 2019, Vice Media raised $250 million in debt from various investors including George Soros, Fortress Investment Group, 23 Capital and Monroe Capital. In October, the company acquired Refinery29, a multinational, feminist digital publication in a deal valued at $400 million. The company recently held its latest funding round where it secured $135 million in equity financing from existing investors like TCV and Lupa Systems, the Antenna Group, TPG, and Sixth Street in 2021.
However, despite the surge in popularity and viewership, The Vice Media Group has struggled financially since 2018. The company plans to go public via a $3 billion merger with a blank-check firm, 7GC & Co Holdings, in order to end its financial obligations with TPG. This would mean a 35% depreciation considering its previous $5.7 billion valuation in 2017.