Vice was once a humble magazine about doing heroin and having sex (on heroin). Now, Vice is a global multimedia company, partly owned by Fox, valued at $1.4 billion. Vice is so successful that it no longer needs to exist.
On Friday, news broke that 21st Century Fox, which was recently spun off from News Corp, is sinking $70 million into Vice for a 5% stake in the company. That means the notional value of Vice as a whole is $1.4 billion. That means that Vice is worth about six times as much as the Washington Post, and just a wee bit less than the New York Times. If there was any doubt left, the counterculture has now become the establishment. There is now only one degree of separation between Rupert Murdoch and “The Meth-Fueled, Weeklong Orgies Ravaging London’s Gay-Sex Party Scene.”
Excuse me while I cry for the future of journalism. Vice has done some great stuff over the years, don’t get me wrong, but that comparison is stark. The reason it’s stark is because it shows how far newspapers have fallen just as much as it shows how far Vice as risen.