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Vice lands $450 million in funding ahead of potential IPO

Vince Bucci/Invision for the Television Academy/AP Images

Vice Media has raised $450 million in new funding from private equity firm TPG Capital, which brings its valuation to $5.7 billion. Noticeably missing from this round's contribution was Walt Disney Co., which invested $400 million into the company two years ago for what was then an 18% stake (which will likely be diluted).

Why it matters: CEO Shane Smith told CNBC that the investment will help Vice build up "the largest millennial video library in the world," while also expanding its content options for its cable, mobile and digital platforms to include "news, food, music, fashion, art, travel, gaming, lifestyle, scripted and feature films." The company also continues to flirt with the idea of an IPO.