Rupert Murdoch Just Bought A 5% Stake In Vice Media For R710 Million

21 Aug 2013 by Jasmine Stone in Media, Money, Rupert Murdoch

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The man who lost $550 million when he bought and sold MySpace is chasing the younger, edgier crowd again. This time, Rupert Murdoch has purchased a 5% stake in Vice Media for $70 million. And this time, we think he’s got a winner!

This new acquisition will value Murdoch’s News Corp at, wait for it… $1,4 billion.

Vice, a company that started as a Canadian music magazine, has become famous for its provocative, out of the box, forward thinking, and sometimes utterly weird approach to journalism.

Robert Thompson, the director of the Bleier Center for Television and Popular Culture at Syracuse University said:

If he is going to continue building a media empire, one needs to reach younger audiences

In 2012, one of Murdoch’s Twitter followers asked him if he would buy Vice. His response:

No way! Last thing they need is corporate sponsorship

Times change. People change. Money changes people.

[Source: The Daily Beast]

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