Vice Media Reportedly in Talks to Go Public Via SPAC Deal

News publisher Vice Media might go public in a SPAC deal with Jack Leeney's 7GC & Co Holdings, media reports suggest.
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New-media company Vice Media is reportedly in talks to merge with the San Francisco special-purpose-acquisition company 7GC & Co Holdings, media reports say.

7GC is led by the tech investor Jack Leeney, who previously worked at Morgan Stanley. 

Shares of 7GC VII at last check were up 0.5% at $9.88.

Vice was recently valued at $2.5 billion, less than half its peak valuation of $5.7 billion, the tech-news website The Information reported.

7GC has raised $230 million, the report said.

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Discussions with two different SPAC companies, including one led by two former Disney  (DIS) - Get Report executives, Tom Staggs and Kevin Mayer, have fallen through, The Information reported.

Vice Media publishes Vice News and Refinery29 and also operates TV channel Viceland, an ad agency and a documentary-production business.

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Earlier this month it was reported that digital news media company BuzzFeed was in discussions with 890 5th Avenue Partners, also a SPAC, to list in the U.S. public markets.

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BuzzFeed acquired Huffington Post from Verizon in November and was said to have a valuation of $1.7 billion according to Bloomberg.

SPACs are formed for the express purpose of finding and merging with an operating partner. The idea is to speed the operating company to the public markets and avoid the extended process of a traditional initial public offering.