Viacom’s new CEO Bob Bakish is considering a plan to acquire a stake in Vice, a millennial-focused magazine and website founded by Shane Smith worth approximately $4.5 billion, the New York Post reported Friday.
Sources cited by the report said Bakish wants to demonstrate to Viacom’s board that he has a vision for an independently-run company should merger negotiations with CBS Corp. (CBS) break down.
However, the report also noted that CBS held initial discussions with Vice about a potential acquisition. Sources also said Walt Disney Co. (DIS) is not looking to acquire any additional stake in Vice beyond its current 23% stake.
Vice’s list of backers include WPP (WPPGY) and 21st Century Fox (FOX, FOXA), the report noted.
By Caroline Williams