Vice Media is reportedly looking to sell its studio business
Vice Media hired investment bank PJT and LionTree to explore the sale of its studio business, The Information reports.
Why it matters: Studio businesses have become attractive acquisition targets as the rise of streaming increases the demand for content.
💭 Kerry's thought bubble: Vice may have started as a print magazine, but it's become known and celebrated for its documentaries and award-winning filmmaking. Losing that division would not only shrink Vice's revenue but also its prominence.
Details: Vice Studios' projects include "Flee," the animated documentary film that was nominated for the Academy Award for Best International Feature Film along with Best Documentary Feature and Best Animated Feature.
- It also recently acquired Pulse Films, which produced the films "Pig," "Mogul Mowgli" and "Meet Me in the Bathroom" and the TV series "Gangs of London" and "Dead Asleep."
- The Information reports that Vice Studios is the company's biggest business by revenue contribution.
The bottom line: "Vice has struggled for several years to turn profitable and it faces pressure from investors, including TPG, to repay $1.1 billion in debt it owes." — Jessica Toonkel, The Information