The digital video bubble isn’t bursting just yet: Vice Media has raised a new funding round of $450m that values the company at $5.7bn.
The latest round comes from a single source, private-equity investor TPG, which you may remember also dived in to Spotify’s $1bn of convertible-debt financing last year.
Vice Media, which now runs its own TV channel and licenses shows to other broadcasters, as well as its various online-video activities, has now raised more than $1.4bn since 2011, with its investors including 21st Century Fox, A+E Networks and Disney from the media industry, as well as TCV and WPP Ventures from the investment world.
What will Vice be doing with its latest $450m aside from staving off the need to turn a profit for a while longer?
“The youth media company will use the investment to build a global scripted studio, as well as develop new over-the-top streaming video and direct-to-consumer offerings,” claimed The Hollywood Reporter.
“Vice will use the funding to launch Vice Studios, which will be dedicated to producing scripted programming for digital and linear distribution.”