James Murdoch buys stake in Vice Media
More deal-making with Vice Media on Thursday as James Murdoch, the former CEO of 21st Century Fox, has agreed to buy a minority stake in the digital media company.
The undisclosed investment was made through Murdoch's Lupa Systems which is putting together a portfolio of media companies. However, the Financial Times reported that "two people briefed on the transaction said the Murdoch investment was small."
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Murdoch, the son of Fox Corporation co-chairman Rupert Murdoch, managed 21st Century Fox's original 2013 investment in Vice. The Walt Disney Company obtained 21st Century Fox’s $70 million Vice stake as part of its acquisition of the company in the deal which closed in March. In May, Disney took a $353 million write-down on when it reported its second-quarter earnings. That move marked Disney's second Vice writedown as it took a $157 million loss on the media company in September of 2018.
For its part, CEO Nancy Dubuc has been trying to turn the company's fortunes around. Just a week ago, she completed a $400 million deal for Refinery29, the digital media company focused on millennial women. The acquisition diversified Vice which skewed heavily male.
Dubuc replaced Vice's controversial founder Shane Smith.
Vice declined to comment when reached by FOX Business.
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