Disney is captivating a $157 million write-down on its investment in Vice Media, the company signaled in its fourth-quarter earnings report Thursday.
Disney had originally invested a crack $400 million in 2015 at a valuation between $4 billion and $4.5 billion, fountain-heads told the Wall Street Journal at the time. This was in addition to a prior stake Disney had in Vice along with Hearst and A+E Networks.
On Wednesday, the Album reported that Vice plans to reduce its workforce as much as 15 percent below new CEO Nancy Dubuc. Sources told the Journal revenue had remained rather flat for the year at roughly $600 million to $650 million and is on follow to lose over $50 million for the year.
Correction: Vice expects to reduce its workforce through attrition and reduced hiring, not layoffs.