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Walt Disney Co. is writing its investment in Vice Media for the second time in less than a year. In its otherwise optimistic Q2 earnings report, the company said it was amortizing $ 353 million for Vice.
This follows the $ 157 million write-down that Disney disclosed in its fourth quarter earnings report in November. Vice Media, valued at approximately $ 5.7 billion in June 2017, raised a total of $ 1.4 billion, including $ 500 million from Disney in 2015. Last week, the Wall Street Journal announced that the media company had taken $ 250 million in debt financing by investors led by George Soros who is trying to find a way to reverse its sluggish growth and its blocked traffic.
Disney owns a 21% stake in Vice, in addition to smaller holdings in 21st Century Fox, which it acquired in March, and A & E Networks, a joint venture of Heart Corporation and Disney-ABC Television, one of its subsidiaries.
The depreciation of Vice was a low point in a quarter otherwise strong for Disney. The company announced a 3% increase in sales to $ 14.9 billion and earnings per share of $ 1.61, exceeding analysts' expectations. He also announced the release of three new "Star Wars" movies from December 2022, as well as the list of other upcoming titles, including "Cruella" and "Avatar" suites.
TechCrunch has contacted Vice Media for comment.
In a statement to Business Insider, an assistant spokesman said to be "about to reach, if it does not exceed, his financial goals for the third consecutive quarter," adding that "the strategic plan from our new management team is on track and the capital increase, we will continue to invest in the long-term growth of our five global business – television, studio, digital, news and our advertising agency, Virtue. "
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