Rupert Murdoch-backed Vice Media is considering an IPO that could value the alternative media organisation at up to $29 billion, according to its founder Shane Smith.
Smith told Bloomberg that the media business could double its revenue to $1 billion this year. The Wall Street Journal reported in January that Vice is likely to make $500 million this year.
Smith told Bloomberg TV: “We’d be stupid not to test what the market would bear. There’s a lot of money sloshing around in the system, obviously valuations are high.”
Smith has been touted as the "next Rupert Murdoch" by the BBC.
Smith also said Vice was considering buying a cable TV channel to house its abundance of video content. It currently works with HBO to produce the Vice TV show and produces content for MTV. It also launched its online news channel earlier this month. Its YouTube channel has 4.4 million subscribers and the Vice News channel has around 238,000.
Locally Vice couldn't comment further on the potential impact of an IPO.
Murdoch's 21 Century Fox Inc bought a 5% stake in Vice Media last year for $70 million, which Smith said allowed the enterprise to expand its operations into new regions including India and South America.
Murdoch's son James Murdoch sits on the Vice board alongside other investers including MTV founder Tom Freston and advertising agency WPP.
Vice works closely with brands including Intel, Schweppes and General Electric to created sponsored content.
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.
Have something to say? Send us your comments using the form below or contact the writer at adnews@yaffa.com.au
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.