Vice Media has landed a $450 million cash infusion from private equity firm TPG, reports the Wall Street Journal. The new funding will give the irreverent media empire a whopping $5.7 billion valuation. (Its last round of funding valued it at something a little north of $4 billion). CEO Shane Smith confirmed the round to CNBC. For context, BuzzFeed—the only media startup to come close to Vice’s value—is worth about $1.7 billion, according to CB Insights.
Vice plans to increase scripted content as well as launch a new “direct-to-consumer service,” writes the Journal. The company has already raised hundreds of millions of dollars, a lot of which came from Disney—which owns 18% of the company. Disney, however, is reportedly not participating in this round. This follows reports from earlier this year that Vice was looking to raise more money as a ramp-up to an IPO.