Vice has raised $450M ahead of a potential IPO

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Vice Media has raised $450M in new funding from private-equity firm TPG, with a deal valuing the media company around $5.7 billion post-money.

Shane Smith, co-founder and CEO of Vice was just on CNBC answering questions about the funding and Vice’s plans to eventually become a public company.

While remaining cryptic, Smith did note that this raise is “what we would do if we were going to go public…start building our book, and bringing in revenue on a sort of hockey stick basis”.

Smith also emphasized how recent IPOs (especially from companies like Snap) have shown that you need a good revenue story to have a successful offering. He then acknowledged that Vice’s revenues “need to be better over years and years”, which this new funding will help them do. Continues