Vice Media had initially planned to go public with an ad hoc acquisition company; however, these talks with PSPC have stalled.
As a result, the digital medium had to find another injection of money, and it appears to have received it. The New York Post relayed the statement from Vice Media, which revealed that the company had raised $ 135 million from existing investors.
Originally, Vice Media intended to go public through the blank check company 7GC & Co. Nonetheless, these talks recently ended as digital media shifted focus to allocate money. money to existing investors such as TCV, Lupa Systems and TPG.
In a previous report, The post office reported that talks with SPAC failed because Vice Media founder Shane Smith had to relinquish control of the vote. New investors would not agree to finance the business without taking ownership.
The cash injection by its current backers will help “fund its growth initiatives, including the expansion of Vice’s direct-to-consumer offerings, content licensing opportunities, business and experiential expansion, as well as mergers. and acquisitions ”.
A few weeks ago, Vice Media laid off more than a dozen workers, mostly copywriters and editors, as the company shifts more from written content to video content.