21st Century Fox acquires a $70 million stake in Vice Media

21st Century Fox has bought a $70 million stake in Vice Media. The deal gives Fox a 5% stake in Vice and values the company at $1.4 billion, according to a report  in the Financial Times.

Fox joins other minority shareholders including Raine, the merchant bank connected with WME, global marketing firm WPP and former Viacom honcho Tom Freston.

Vice started out as a Canadian music magazine but its growth in the past five years has been fuelled by online video, particularly its gonzo-style films from world trouble spots. The company had a turnover of $175m in 2012

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