Vice Media is said to end SPAC talks, raise $85M
Aug. 31, 2021 10:09 AM ET7GC & Co. Holdings Inc. (VII), VICEMBy: Joshua Fineman, SA News Editor
- Vice Media (VICEM) is said to have ended talks to be taken public through a SPAC deal and has raised $85M in fresh funds from investors.
- Vice co-founder Shane Smith agreed to give up his voting control as a condition of the new fundraising, according to The Information report. Vice Media existing investors including James Murdoch’s Lupa Systems, TPG, TCV and Sixth Street Partners, agreed to invest in the media company.
- Vice Media has been trying to go public through a deal with SPAC 7GC & Co. (NASDAQ:VII). The Information originally reported in late July that the Vice Media's potential SPAC deal was said to have stalled as media company has struggled to raise additional funding.
- Vice Media operates the Vice.com news site, Viceland TV network, Refinery29 platform and other properties generally aimed at millennial and Generation Z audiences.
- Last week, Axel Springer agreed to buy Politico in reported billion dollar deal.