Rupert Murdoch's 21st Century Fox has acquired a five percent stake in Brooklyn's Vice Media for $70M.

VM gained a worldwide buzz earlier this year by hooking up retired NBA star Dennis Rodman with North Korean leader Kim Jong un for a documentary about the Harlem Globetrotters’ visit to North Korea.

VM generated about $175M in 2012 revenues from its online videos aimed at hipsters and content partnerships deals with Facebook and Twitter.

Vice CEO Shane Smith told the Financial Times the cash infusion will help Vice reach its goal of being the "next MTV, ESPN and CNN" rolled into one.

He said structure of the deal with Murdoch "gives us the freedom to do what we want to do."

Martin Sorrell’' WPP and former Viacom CEO Tom Freston’s investment firm, Raine, also have investment stakes in VM.