Vice Media reportedly raises $250 million in debt in effort to turn a profit

shane smith nancy dubuc vice mediaVICE Co-Founder and Executive Chairman Shane Smith (L) and VICE CEO Nancy Dubuc attend VICE NewFronts 2019 at Jing Fong Restaurant on May 01, 2019 in New York City.Craig Barritt/Getty Images for VICE Media

  • Vice Media, the digital news outfit, whose counterculture magazine beginnings have morphed into a globally focused media conglomerate, reportedly raised another round of funding, according to The Wall Street Journal.
  • Vice Media raised $250 million in debt from a group of investors, The Journal reported on Friday.
  • CEO Nancy Dubuc took over after former CEO and cofounder Shane Smith stepped down March 2018, following a December 2017 New York Times report alleging sexual harassment and a toxic culture.
  • Dubuc is focused on making Vice Media profitable with a strategy that focuses less on digital media and more on television and film-production and branded content.
  • Visit Business Insider's homepage for more stories.

Vice Media, the digital news outfit, whose counterculture magazine beginnings have morphed into a globally-focused media conglomerate, reportedly raised another round of funding, according to The Wall Street Journal.

Vice Media raised $250 million in debt from a group of investors "led by 23 Capital and includes Soros Fund Management LLC, Mr. Soros's investment fund, as well as Fortress Investment Group LLC and Monroe Capital," The Journal reported on Friday.

In March, Variety reported Vice Media was seeking to raise roughly $200 million as it works toward turning a profit. At the end of 2018, Vice Media, like other digital news organizations including BuzzFeed, announced it was shrinking its workforce between 10 and 15% - which was around 250 people, according to Variety.

Its 2017 revenue was stagnant compared to 2016; the company was projected to make between $600 and $650 million, The Journal reported last year.

Read more: Huawei, the Chinese tech giant embroiled in controversy, just overtook Apple to become the second-largest smartphone maker

CEO Nancy Dubuc took over after former CEO and cofounder Shane Smith stepped down in March 2018, following a December 2017 New York Times report alleging sexual harassment and a toxic culture. Smith is still with the company as executive chairman.

Dubuc is focused on making Vice Media profitable with a strategy that focuses less on digital media and more on television, film production, and branded content. The Journal reported she is focusing on Virtue, it's in-house ad agency.

Vice has both its own news channel, Viceland, and a deal with HBO to produce a nightly news program.

The media company has previously raised $1.4 billion in funding, according to Variety. Vice Media did not immediately respond to Business Insider's request for comment.
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