Canada-based media company Vice Media has sold a 10% stake to venture capital firm Technology Crossover Ventures, the New York Times has reported.
The sale comes days after the media company completed an identical deal with cable television company A&E Networks, which is co-owned by media companies Hearst Corporation and Walt Disney.
Vice Media operates across 36 countries and reaches more than 150 million people, producing content on culture, music, news and sport.
The $500m raised will be used to improve technological capabilities and content production.
The investment from Technology Crossover Ventures will be used to improve the distribution of media across both web and mobile.
Shane Smith, Vice Media’s chief executive, said: “We believe that these new partnerships position us at the forefront of the coming convergence of media and technology, while preserving and protecting our independence.”
Last near, Vice sold a 5% stake to 21st Century Fox for $70m.