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Media/Telecom Entertainment

Vice Looks to Raise Money After Rough Year

Vice Media is looking to raise a new round of financing of up to $200 million, which the company hopes will give it enough cash to reach its goal of becoming profitable in the next 12 months, according to people familiar with the situation.

The news of the search for funding, which could be through a mix a debt and equity, comes weeks after the company laid off 10% of its workforce as part of broad cost-cutting measures taken by new CEO Nancy Dubuc, who joined last spring. With a smaller workforce, the company is trying to become profitable by early 2020, one of the people said.