Tuesday, April 05, 2011

Vice magazine sells minority share
to finance its jets

We thought it was already supersonic. 
Vice magazine co-founder Shane Smith told the New York Times that it was time "to turn on the jets". Which is why the magazine raised "in the high eight figures" by selling a minority share to MTV founder Tom Freston, ad firm WPP and The Raine Group. 
The deal, according to the Times, was brokered by super-agent Ari Emanuel. The hipster culture magazine, which started out in 1994 as a homemade 'zine in Montreal, has become a global brand, distributed in three dozen countries. 
This is not the first time Vice has sold a piece of itself; previously it entered into a partnership with CNN and sold a small share to Viacom (which, at that time, was headed by Freston, later fired.)
Of his acquisition, Freston said:
"The company is bursting with creativity, and they have built an impressive array of smart, innovative and successful businesses all laser-focused on their audience."

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