It is another bad sign for the struggling digital-media company.
Craig Barritt/Getty Images for VICE MediaThe media conglomerate, which has an 11% direct-ownership interest in Vice, wrote down $353 million of its stake in the digital-media company during its second-quarter of 2019.
This is Disney's second Vice-related write down in the last six months. It wrote down another $157 million of its stake in the September 2018 quarter.The Walt Disney Company disclosed on Wednesday a $353 million write down of its stake in Vice Media, when Disneyfor its second quarter of 2019. This is Disney's second Vice-related write down in less than a year. The company also wrote down $157 million of its Vice investment in the September 2018 period.
The disclosure comes as Vice raised $250 million in debt in May as it works to make the digital-media outfit profitable, . Vice was last valued at $5.7 billion in 2017, but Disney appears to be valuing it at significantly less.through several rounds of funding, in addition to the $250 million in debt announced this month. Disney originally invested $400 million in the company in 2015.
Vice is"on target to meet, if not exceed, its financial targets for the third straight quarter," a Vice spokesperson told Business Insider, in response to Disney's write down."Our new executive team's strategic plan is well underway and with the recent capital raise, we will continue investing in the long-term growth of our five global businesses — television, studio, digital, news and our advertising agency, Virtue.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Can You Correctly Guess Which Disney Movie These Lyrics Are From?Let's see how much of an expert you are.
Consulte Mais informação »
'X-Men: Dark Phoenix' Is A Conundrum For Fox, Disney And Marvel'Dark Phoenix' is both a disposable installment of a soon-to-be-rebooted property and the first chance for Disney to prove that they can sell a big Fox movie.
Consulte Mais informação »
Disney, Sinclair have $10.6 billion deal for 21 regional sports networksSinclair Broadcast Group will get 21 regional sports networks in markets such as Detroit, LA and Miami from Disney in a deal valued at $10.6 billion.
Consulte Mais informação »
Sinclair Broadcast Group is buying 21 regional sports networks from Disney for $9.6 billionWalt Disney Co., which inherited the channels as part of its $71 billion deal for much of 21st Century Fox, had hoped to recoup as much as $20 billion for the regional sports networks, including Prime Ticket and Fox Sports West in LA. But a frenzied bidding war failed to materialize.
Consulte Mais informação »