Vice Media’s Fall: Shane Smith and How the Company Burned

The Hollywood Reporter (02/28/2024)
  • Once valued at $5.7 billion, Vice Media entered bankruptcy last year despite hard-charging founder Shane Smith convincing corporate investors that VICE was the next big disruptive media outlet.
  • With edgy, eye-opening content, Shane convinced aging media moguls including Rupert Murdoch and Bob Iger (Disney) that Vice’s “cool” factor captured sought-after younger audiences.
  • However, Vice’s debt and external investment fueled growth and lack of substantial consumer revenue resulted in a valuation collapse after investors pulled back.
  • Fortress Investment Group acquired Vice for $350M.