If proof were needed that the fortunes of old and new media companies are rapidly diverging, it could be found this week when Vice Media secured a $450m investment from TPG, the private equity group, in a deal that valued the anarchic youth-focused group at an eye-popping $5.7bn. 

Vice’s latest investment and soaring valuation, which has more than doubled since 2014, comes less than two months after Time Inc, the venerable publisher of Sports Illustrated and Time magazine, scrapped plans for a sale after failing to receive bids that met its valuation. 

Vice is valued at almost $2bn more than Tribune Media fetched when the owner of 42 US television stations was sold recently to Sinclair Broadcast. It is more than double the market value of the New York Times, four times what the Financial Times cost Nikkei when the Japanese company acquired it two years ago and more than 22 times what Jeff Bezos, the Amazon founder, paid for the Washington Post in 2013.