Fox takes 5% stake in Vice Media

Vice Media has signed a $70 million deal with 21st Century Fox – giving Fox a five per cent stake in in the company.

Vice has grown significantly since its humble beginnings as a free underground music handout to a global media and publishing group dedicated to art, technology, fashion, music and world news.

“I want us to be the next MTV, ESPN and CNN rolled into one – and everyone always rolls their eyes,” Shane Smith, Vice’s co-founder and chief executive told the FT. “The reality is that MTV was bought by Viacom and CNN went to Time Warner. We have set ourselves up to build a global platform but we have maintained control.”

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