Vice Media is raising over $85 million in fresh capital from existing investors, as talks to go public via a SPAC have ended for now, The Information reports, citing people familiar with the situation. As part of the fundraising, Vice’s co-founder, Shane Smith, has agreed to give up his voting control, said the people. He remains chairman.
The media firm had been hoping to raise money by going public through a merger with a SPAC backed by 7GC & Co., but a slowdown in the once-hot SPAC market has ended those discussions for now, one of the people said. Read more.
