Vice Media has a big problem, and Nancy Dubuc, its CEO since March 2018, is doing her best to try to solve it
“From the top down, we have failed as a company to create a safe and inclusive workplace where everyone, especially women, can feel respected and thrive.” In March 2018, Smith, who was also Vice’s CEO, announced that he would leave that position to become the company’s executive chairman, paving the way for Dubuc, the former CEO of A+E Networks, to succeed him.
According to some familiar with Dubuc’s strategic thinking, she has viewed a Vice acquisition by CBS-Viacom as the company’s best near-term exit strategy and has asked for various analyses to be done about what the combination would look like and what Vice News would look like inside CBS News. Even though Vice lostunder Dubuc’s watch, she is said to have pointed to the show as an example of the value Vice could bring in an acquisition.
According to a company insider, the valuation of Vice Media these days is around $1.5 billion. “Could someone get wild-eyed and be in need and bid up the price to $2 billion?” this person asked. “Maybe. But the notion that anyone is paying $5.7 billion is long gone.” If CBS-Viacom were to buy Vice, it would obviously love to spend as little as possible. But TPG could lose around 75% of its investment at the $1.
One possible solution is that TPG’s paper loss could be made up by taking back stock in the combined CBS-Viacom. As a sophisticated financial buyer, TPG is sure to be realistic about the current valuation of Vice and may see its best hope for a decent recovery if the company is part of a bigger, publicly traded enterprise. So it makes sense to count TPG in the camp supporting Dubuc’s efforts. But the biggest question remains whether Dubuc could pull off a sale in the first place.
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