Following the appointment of
Nancy Dubuc to CEO Vice Media last year, taking the place of its cofounder Shane Smith, Vice has taken on $250 million of debt to push itself into a sustainable future.
Vice has taken on the debt from a group of investors that includes George Soros. Soros Fund Management LLC and 23 Capital led the consortium, as did Monroe Capital and Fortress Investment Group LLC, The Wall Street Journal reports.
The debt will tagged for accelerating growth, a Vice spokeswoman told the WSJ. Confidence in Dubuc was one reason investors came on board. They see promise in her strategy for Vice Media.
Early last week, Billboard reported the company would fold several of its brands into its flagship site,
including Broadly, Amuse, Free,
At its Newf ront presentation, the company explained the new organization, adding the new verticals will appear on the site that include News, Identity, Entertainment, Music, Food, Tech, Games, Health and Drugs.
The redesigned Vice.com will include a section called "Vice Stories," a platform for the company’s social-media stories that advertisers can access directly, leading them away from accessing content through Snapchat or Instagram.
That transition came at the expense of 10% of its workforce earlier this year when 250 people were laid off.
At the time, Dubuc stated: "Having finalized the 2019 budget, our focus shifts to executing our goals and hitting our marks. We will make Vice the best manifestation of itself and cement its place long into the future."Thinknum notes that following the $250 million announcement, the company added roughly 50 new job openings in early May. BuzzFeed Media showed a similar uptick last month following its own heavy layoffs earlier this year.