Walt Disney Co.is writing down its funding in Vice Media for the second time in lower than a one year. In its in every other case upbeatsecond-quarter earnings document, the firm talked about it used to be taking an impairment of $353 million for Vice.
This followsthe $157 million write-down Disneydisclosed proper by strategy of its fourth-quarter earnings document in November. Vice Media used to be valued at about $5.7 billion post-money in June 2017 and raised a filled with $1.4 billion in funding, alongside with $500 million from Disney in 2015. Last week, on the opposite hand,the Wall Avenue Journal reportedthat the media firm had taken $250 million in debt financing from merchants led by George Soros as it tries to get a formulation to reverse its slowed development and stalling traffic.
Disney owns 21% of Vice, besides to smaller stakes by strategy of Twenty first Century Fox, which itobtained in March, and A&E Networks, a joint endeavor between Coronary heart Company and Disney-ABC Television, one of its subsidiaries.
The Vice write-down used to be a low point in an in every other case stable quarter for Disney. The firm reported a 3% magnify in earnings to $14.9 billion and earnings per share of $1.61,beating analysts’ expectations. It alsolaunched three new “Neatly-known particular person Wars” movieswill be released starting in December 2022, alongside with a roster of different upcoming titles that comprises “Cruella” and the “Avatar” sequels.
TechCrunch has contactedVice Mediafor comment.
In ainsist to Change Insider, a Vice spokesperson talked about it’s miles “on the correct discover to meet, if it no longer exceed, its monetary targets for the third straight quarter,” alongside with that “our new executive group’s strategic notion is well underway and with the recent capital upward thrust, we will have the flexibility to proceed investing in the lengthy-term development of our 5 global businesses—tv, studio, digital, data and our marketing agency, Virtue.”