Vice Media’s value reportedly halved to less than $3B in SPAC deal

Vice’s sky-high market valuation of nearly $6 billion reportedly has been cut in half as the millennial-focused new media company prepares to go public later this year.

Founded by gonzo journalist Shane Smith, the Brooklyn-based firm is eyeing an initial public offering through a merger with a blank-check company called 7GC & Co. in a deal that would value it at “nearly $3 billion including debt” — and rid it of hefty financial obligations to private equity firm TPG, according to the Wall Street Journal. Existing shareholders, including TPG, Disney, A&E Networks, merchant bank, Raine Group and Smith, would retain a combined 75 percent ownership of Vice, while the rest of the firm would be owned by Vice’s new investors, the report said.