Vice Media Group is in talks to merge with 7GC & Co
Holdings for the purpose of making a public offering, according to an article in The Information.
However, the firm’s valuation would fall short of the $5.7 billion peak valuation reported in 2017.
Vice, which had already held talks with other special-interest acquisition companies (SPACs), is at the advanced stage of talks with 7GC & Co, per the article.
The other SPACs it has talked with include one led by Discovery-backed Group Nine Media and another led by former Disney executives Tom Staggs and Kevin Mayer. Those talks did not produce a deal.
BuzzFeed is another media title reportedly in talks with a SPAC to go public. SPACs are typically set up for purposes such as public offerings.
Vice saw its revenue fall last year to $580 million, versus $604 million in 2019, The Information notes. It lost about $50 million in 2019, according to The Wall Street Journal.
In May 2020, Vice laid off 155 people as revenue continued to be affected by COVID-19, TechCrunch reported at that time.
Founded in Montreal in 1994, Vice Media is comprised of digital content network Vice.com, news outlet Vice News, feature film producer Vice Studios, in-house ad agency Virtue and TV channel Vice TV.
Earlier this week, the news broke that Virtue is acquiring creative consultancy Pltfrmr.