James Murdoch, son of media mogul Rupert Murdoch, has been on the board of Vice — a sprawling digital media group aimed at millennials — for several years.
Rupert Murdoch’s six children each received about $2 billion from the sale of his entertainment businesses to Disney. James Murdoch set up Lupa with the intention of investing his proceeds, according to people briefed on his thinking. His acquisitions through Lupa this year have includedThe Murdochs’ 21st Century Fox invested in Vice in 2013, funding Vice’s push into Asia through Fox’s Star India TV network, which James Murdoch helped manage.
Vice has struggled in recent years after initially storming the media scene with its edgy videos and online content that attracted young consumers. A journalistic high point came with its production of a video documenting the 2017 far-right rally in Charlottesville, Va. The company was valued as high as $5.7 billion by private equity group TPG in 2017, but this year
. Peers in digital media have seen their valuations slashed as the online media sector has struggled to find a sustainable business model to match its ambitions.of Vice last year, succeeding Shane Smith, with a mission to turn the company around. She previously ran A+E Networks. © The Financial Times Ltd. 2019. All rights reserved. FT and Financial Times are trademarks of the Financial Times Ltd. Not to be redistributed, copied or modified in any way.
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