U.S. digital media and entertainment company Walt Disney has invested $400 million in peer Vice Media Inc for new programming and international expansion.

The funding values New York-based Vice at more than $4 billion. The company will use some of the money to create shows for Viceland, a cable channel jointly owned by A+E Networks that debuts next year.

Disney, the world’s largest entertainment company, is emerging as one of the biggest outside investors in Vice, with a 10% stake of its own. It also holds an interest through A+E, a joint venture with Hearst Corp. Vice, which began as a cultural magazine in Canada, has also raised money from 21st Century Fox Inc., Technology Crossover Ventures and Raine Group LLC.

On August 17, 2013, Vice Media sold a 5 percent stake in the company to 21st Century Fox for $70 million.