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Rupert Murdoch buys into alternative media with a $70m slice of Vice

Posted By admin On August 19, 2013 @ 4:12 am In Featured Stories,U.S. News | Comments Disabled

Tim Walker
London Independent [1]
August 19, 2013

Last October, the media proprietor Rupert Murdoch asked his Twitter followers: “Who’s heard of Vice Media? Wild, interesting effort to interest millennials who don’t read or watch established media. Global success.” Another tweeter quickly shot back: “Are you buying them?” “No way!” Murdoch replied, “Last thing they need is corporate sponsorship.”

It now appears that Mr Murdoch was being somewhat disingenuous: not only is Vice’s global success based in part on a series of lucrative sponsorship deals, but tomorrow it will also be announced that Murdoch’s 21st Century Fox has procured a 5 per cent stake in Vice Media for $70m (£45m). The deal values the free underground magazine-turned-global entertainment/news brand at $1.4bn.

Vice was founded as a government-funded community magazine in Montreal in 1994. Until six years ago, its print edition still accounted for around 70 per cent of the business. Today it accounts for less than 5 per cent. The company, which now has its headquarters in Brooklyn, New York, has 35 offices in 18 countries, a record label, an advertising agency, and an HBO television series.

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URLs in this post:

[1] London Independent: http://www.independent.co.uk/news/media/press/rupert-murdoch-buys-into-alternative-media-with-a-70m-slice-of-vice-8773444.html

[2] Rupert Murdoch Tweets Support For Gun Control: http://www.prisonplanet.com/rupert-murdoch-tweets-support-for-gun-control.html

[3] Barack Obama ‘could worsen crisis’: Rupert Murdoch: http://www.prisonplanet.com/barack-obama-could-worsen-crisis-rupert-murdoch.html

[4] Rupert Murdoch Not Fit to Lead News Corp., Lawmakers Say: http://www.prisonplanet.com/rupert-murdoch-not-fit-to-lead-news-corp-lawmakers-say.html

[5] Rupert Murdoch’s Failing Attempts to Control the Internet Reformation: http://www.prisonplanet.com/rupert-murdochs-failing-attempts-to-control-the-internet-reformation.html

[6] Rupert Murdoch: “Internet Will Soon Be Over”: http://www.prisonplanet.com/rupert-murdoch-internet-will-soon-be-over.html

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