Walt Disney Co. write down the investment in Vice Media for the second time in less than a year. In its otherwise startling performance report, the company reported that there was a write-down of $ 353 million for Vice.
This follows the write-down of Disney at $ 157 million, which was revealed during the fourth quarter results report in November. Vice Media was valued at around $ 5.7 billion in cash in June 2017 and raised a total of $ 1.4 billion in funding, including $ 500 million from Disney in 2015. Last week, the Wall Street Journal reported that the media company had taken $ 250 million in Debt financing from investors led by George Soros as it attempts to find a way to reverse its slow growth and stalling traffic.
Disney owns 21[ads1]% of Vice, as well as minor efforts through 21st Century Fox, which it purchased in March, and A & E Networks, a joint venture between Heart Corporation and Disney-ABC Television, one of its subsidiaries.
The vice write-down was a low point in an otherwise strong quarter for Disney. The company reported an increase in revenue of 3% to $ 14.9 billion and earnings per share of $ 1.61, beating analysts' expectations. It was also announced that three new "Star Wars" films will be released as of December 2022, along with a list of other upcoming titles that include the Cruella and "Avatar" sequels.
TechCrunch has contacted Vice Media for the comment.
In a statement to Business Insider, a deputy spokesman said it was "on target to meet, if it did not exceed its financial targets for the third straight quarter", adding that "the strategic plan of our new governance is well underway and with the recent capital growth, we will continue to invest in the long-term growth of our five global businesses TV, studio, digital, news and advertising agency Virtue. "