They raised $1 billion at a valuation of up to $5.7 billion. That means the likely exit outcome for investors was an initial public offering (IPO). But media m

They raised $1 billion at a valuation of up to $5.7 billion. That means the likely exit outcome for investors was an initial public offering (IPO). But media margins are thin, and any media company will find it hard to make enough profit to justify a valuation above $5.7 billion...the few exceptions are the ones that take decades to grow so big, e.g., Fox Corp and Disney...the conglomerates as you said but this takes a long time to build, longer than VCs can wait for their returns. Vice made $600 million in revenue in 2018 and earned no profit [1]. If it hit the public markets with those results, its stock will sink into oblivion. Tech companies get high valuations even without profitability because the software business is high margin and investors have hope that they'll become profitable in the future. It's not the same for media companies...the industry outlook is bleak, so there's no greater fool to sell to. 1- https://www.axios.com/2023/05/02/vice-media-preparing-bankruptcy https://www.axios.com/2023/05/02/vice-media-preparing-bankru...