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Vice Takes $450M in Funding, Plans Massive Millennial Library

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The youth-focused network Vice Media announced it has taken $450 million in funding from TPG, a private equity firm. Vice will use the money to create Vice Studios, which will focus on creating scripted original video programming and other content.

In two previous funding rounds led by 21st Century Fox, A+E Networks, and Disney, Vice took in $400 million.

Scripted programming is a rarity at Vice, which typically offers news reports and unscripted reality shows. At the company's newfront presentation this year, it announced its first scripted show—What Would Diplo Do?, in which actor James Van Der Beek plays the musician and DJ.

“This will allow us to: build up the largest millennial video library in the world—enabling Vice to widen our offering to include news, food, music, fashion, art, travel, gaming, lifestyle, scripted, and feature films,” company CEO Shane Smith said in a written statement. Vice also plans to expand its multi-platform programming into 80 territories by the first quarter of next year.

Experts say Vice is paving the way to a public offering, with Shane himself noting the studio is meant to show investors that his company has a revenue strategy so it doesn’t need to rely has heavily on advertising.

Thanks to the new funding, Vice has a $5.7 billion valuation, notes Smith.

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