Vice Media has raised $450m (£353m) from private equity firm TPG, which has become a minority shareholder in the business. The deal is understood to value Vice at $5.7bn.
The youth media company said it would use the investment to build its content portfolio and delivery capabilities in the US and beyond.
The firm also said it would be launching Vice Studios, which will produce scripted programming to add to its news, documentary and reality offerings.
Read more: Vice to launch Viceland TV channel on Sky
Private equity firm TPG also has investments in the likes of Airbnb and Spotify.
Vice founder and chief executive Shane Smith said: “This will allow us to: build up the largest millennial video library in the world – enabling Vice to widen our offering to include; news, food, music, fashion, art, travel, gaming, lifestyle, scripted and feature films.
“Building out this wide ranging and rich library of gold standard content will be an essential component of our future direct to consumer tech stacks and our innovations in transactional relationships – all of which represent the future of media.”