June 19, 2017 / 4:48 PM / a year ago

Vice Media gets $450 mln from TPG to aid expansion efforts

June 19 (Reuters) - Vice Media said on Monday it had closed a $450 million investment from private equity firm TPG, as the millennial-focused media company seeks to offer more programming content as well as expand into new markets.

TPG’s investment values New York City-based Vice at about $5.7 billion, a source familiar with the matter said.

Vice, home to channels such as Viceland and Motherboard, said it would use the funding to launch “Vice Studios,” a platform that will offer scripted programming.

It will also use the funds to develop over-the-top and direct-to-consumer services.

Vice, which started in 1994 as a Montreal punk magazine, has evolved into a multimedia company offering print, television and online content as well as a record label and book publishing.

Walt Disney Co, which owns an 18 percent stake in Vice, did not participate in the funding, the Wall Street Journal reported, citing people familiar with the matter. on.wsj.com/2siO8OQ

TPG also has investments in music streaming service Spotify AB and home-sharing company Airbnb. (Reporting by Pushkala A and Anya George Tharakan in Bengaluru; Editing by Sai Sachin Ravikumar)

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