Sir Martin Sorrell may not seem like the kind of chap who reads an online magazine about BMXing, bathroom assaults and art socks – but his WPP has bought a minority stake in the culture mag and website Vice.
Vice is taking investment from MTV co-founder Tom Freston and Raine Group along with WPP, NYT says, reporting the sum to be “in the high eight figures”.
WPP says: “This investment further develops WPP’s content capabilities, particularly in new media, the youth consumer segment, and fast growing markets and sectors.”
The investment price isn’t disclosed. WPP says Vice Media had $34.3 million in assets at 2010’s end.
Vice was founded in Montreal in 1994, has a book publishing division,site, and ad operations – its Virtue Worldwide agency and AdVice online network.
Via NYT: “We’ve kind of been on the periphery for a long time,” said Shane Smith, one of Vice’s founders. “We said it’s time to turn on the jets. We’d reached the ceiling of what we can do on our own.”