Vice Media, the parent company of VICE TV and home of Dark Side of the Ring, is set to fall short of its projected revenue for 2022.
According to The Wall Street Journal, Vice Media will likely miss the projected revenue for the year by $100 million. The parent company of VICE TV is now eyeing $600 million in revenue against a projected $700 million, indicating little to no growth as it attempts to sell itself to Greek broadcast company Antenna Group.
Vice Media has sought a valuation of about $1.5 billion for the deal with Antenna. The figure is a fraction of the jaw-dropping $5.7 billion the media company was valued at five years ago. It appears that Vice Media may even struggle to achieve the lower valuation considering its current revenue issues.
Antenna Group was among a group of investors that invested $135 million in Vice Media in September 2021.
A company spokesperson said the following:
“It’s been a challenging year for our industry, but VICE is growing year to year through strong financial discipline and focus. Our ongoing performance is creating new opportunities for VICE in 2023 and working with our advisors, we’ll keep exploring ways to position the company for growth and success.”
Although the leadership team at Vice received a promotion this past October, the Nancy Dubuc-led media company has failed to record consistent profits.
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