With Refinery29, Vice claims that it will expand its global audience reach to 350 million unique visitors monthly, a 17% increase. Other Vice investors include TPG, WPP, Raine Group, and ex-Viacom CEO Tom Freston. Vice earlier this year recently closed $250 million in debt financing from a group of new investors including George Soros' investment fund. Disney wrote off $510 million of the value of its effective 21% stake in Vice Media. Vice once was valued at more than $5 billion valuation - but that's take a hit in the past year. The Refinery29 deal will be a test of whether she has the right strategy to bring Vice into a sustainable future. Since then, she's worked to clean up the bro culture at the company, which started life in 1994 as a punk-culture magazine in Montreal. The hypothesis driving the deal: Vice will be able to take R29's smaller business operations and integrate it into Vice Media's larger and more global footprint.ĭubuc has headed Vice since May 2018 after running A+E Networks, replacing co-founder Shane Smith in the CEO role. Refinery29 focuses on a young female audience with lifestyle and entertainment verticals, events and premium content, promising to diversify Vice's overall digital audience mix (which is currently 60% male). At Vice and Refinery29, the megaphone is theirs to use and the platforms are theirs to build with us." She signaled that the acquisition isn't about making cutbacks: "We will not allow a rapidly consolidating media ecosystem to constrict young people's choices or their ability to freely express themselves about the things they care about most. "This is an expansive moment for independent media," Nancy Dubuc, CEO of Vice Media Group, said in a statement. However, the companies said that together, they will increase their investment in premium content production across all platforms by 20% on a year-over-year basis. It's not clear at this point how many layoffs will result from the combo.
The new company will be called Vice Media Group Refinery29 will continue to operate as an independent brands. Both companies in the past year have cut about 10 percent of their staffs, as they have faced the same challenges in hitting revenue and profitability targets that others in the digital-media space have. Refinery29, headquartered in lower Manhattan, has under 400. SLR Business Credit and its subsidiaries provide non-bank asset based loans and factoring to businesses nationwide with needs from $200,000 to over $50 million.Brooklyn-based Vice has around 2,500 employees. Mitzman said, “FastPay has always been on the forefront of innovation in factoring and ABL, and I couldn't be more excited to come back for the next stage of growth and to be a part of the SLR family." Mitzman was previously with FastPay for five years and spent the last two years at a specialty asset-based lender in the direct-to-consumer and e-commerce space. Jeff Goldrich, SLR’s President and CEO, said, “Randy’s knowledge of the FastPay business and industry and his diversified skills in asset-based lending and factoring make him an important part of our leadership team." FastPay provides asset based loans and factoring to digital media and advertising businesses throughout the United States. He will be primarily focused on SLR’s FastPay subsidiary. SLR Business Credit announced that Randy Mitzman has joined the company as a managing director and senior vice president. Member Search: SFNet Annual Member Pricing.SFNet International Finance & Development Committee.Diversity, Equity and Inclusion Committee.SFNet Committee Articles, Data and News.SFNet Compendium of Secured Finance Law.Asset-Based Lending & Factoring Surveys.
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