Vice Media parties on $300k dinner as Paul Weiss M&A lawyer arrives
Some 30 employees and business contacts were taken out for a meal, at an average of US$10,000 a head, after its co-founder won $1m at Las Vegas and just as Paul Weiss M&A and media lawyer James Schwab left the firm to join Vice Media as co-president.
The media and international digital TV company was seen as strenghening its management by the appointment of the superstar lawyer - formerly head of the media and entertainment practice at Paul, Weiss, Rifkind, Wharton & Garrison. One of the first jobs of Mr Schwab is to help spend a $500m war chest for acquisitions.
Bottles at $15k
The meal took place in early January at Bellagio's Prime Steakhouse, following the win by co-founder and chief executive Shane Smith in the Bellagio's casino. Included in the celebration were bottles of wine with price tags of over $15,000. MGM Resorts, the business which owns Bellagio and other Las Vegas casino hotels, has said that this meal is the most costly it has seen since 2007. Jim Murren, chief executive of MGM Resorts, said: 'It tells you there is a release valve that has opened. That isn’t a trend, but it’s a sign people are ready to spend money again.' Source: Financial Times
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