Vice Media has raised $250 million in debt from a collection of investors that includes George Soros, Fortress Investment Group, 23 Capital and Monroe Capital, money that will be used to bolster the media company.
The WSJ reported the deal late on Friday afternoon. Brooklyn-based Vice has been struggling financially in the last year, suffering layoffs and now consolidating its offshoot media properties. The money will be used to aid in the turnaround from its lagging fortunes.
The investment is seen as a vote of confidence for chief executive Nancy Dubuc, who took over from co-founder Shane Smith last May after reports of sexual harassment in the teeth of the #MeToo area hurt the company.
Sine then, the company’s traffic has slowed, and Vice earlier this week combined its offshoots Munchies, Motherboard and Vice News under a new Vice.com in an effort to funnel its traffic and increase its digital footprint.
The company claims to reach more than 300 million people worldwide each month and has an in-house advertising agency, Virtue, as well as a cable TV outlet.
Vice previously accepted money from private equity firm TPG, which gave Vice $450 million in 2017. The money came with the right to expand its holdings and get money out first of any future deals.
Guggenheim Securities LLC and Shearman & Sterling LLP served as advisers on today’s consortium investment.