May 9, 2019
Lost in the hubbub of Disney’s financials, pending SVOD service launch and Avengers: Endgame largesse: a $353 million write-down for Vice Media — the Canadian digital media company that airs programming (“Vice News Tonight”) and “Vice” on HBO and a branded Viceland channel.
Vice Media corporate partners include AMC Networks, co-founder Shane Smith and investor group TPG Capital.
It’s second fiscal write-off Disney has taken on the media property it pumped $500 million into in 2015 in an effort to target millennials and young adults with demo-specific content. It was once valued at more than $5 billion.
The Wall Street Journal last week reported Vice had secured $250 million in debt funding from investors led by George Soros.
A Vice spokesperson told Business Insider the company remained “on target” to meet current fiscal targets.
“Our new executive team’s strategic plan is well underway and with the recent capital raise, we will continue investing in the long-term growth of our five global businesses — television, studio, digital, news and our advertising agency, Virtue,” the rep said.