- Disney wrote in its fourth-quarter earnings report that it plans to write down its investments in Vice Media for $157 million.
- Disney originally invested a reported $400 million at a valuation between $4 billion and $4.5 billion in 2015.
- The news comes a day after the Wall Street Journal reported Vice plans to cut up to 15 percent of its workforce.
Disney had originally invested a reported $400 million in 2015 at a valuation between $4 billion and $4.5 billion, sources told the Wall Street Journal at the time. This was in addition to a previous stake Disney had in Vice along with Hearst and A+E Networks.
On Wednesday, the Journal reported that Vice plans to reduce its workforce as much as 15 percent under new CEO Nancy Dubuc. Sources told the Journal revenue had remained fairly flat for the year at roughly $600 million to $650 million and is on track to lose over $50 million for the year.
Correction: Vice plans to reduce its workforce through attrition and reduced hiring, not layoffs.