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."