The $70 million deal, which is set to be formally announced Monday (Aug. 19), will be 21st Century Fox's first major investment since its split from News Corp last month.
The move puts the Brooklyn, N.Y.-based Vice, which started as a music magazine in the mid-'90s but has since expanded to other mediums spurned most notably by its multiple YouTube formats, at a company value of $1.4 billion.
Vice has also announced content partnerships with a variety of companies, including social media heavyweights Facebook and Twitter.
According to the Financial Times, Vice, armed with its new capital, will begin a push into media markets in India and Europe. 21st Century Fox owns Star India, an Indian media and entertainment company, and has stakes in Sky TV channels that air in the United Kingdom, France and Italy.
Speculation about the move has swirled since Fox head Rupert Murdoch tweeted last October, asking his followers if they had heard of Vice, calling the company a "wild, interesting effort to interest millennials" in an age where many no longer consume more archaic media forms.
The sale establishes 21st Century Fox as the newest in a group of major shareholders in Vice, which already includes global marketing group WPP, Silicon Valley-backed merchant bank Raine, and Tom Freston, former chief executive of Viacom.
The company generated reported revenue of $175 million in 2012.