A black S.U.V. recently rolled through the streets of Williamsburg, Brooklyn, and stopped in front of the converted warehouse that is the global headquarters of Vice Media. Out of the vehicle stepped the media mogul Rupert Murdoch.

Mr. Murdoch’s 21st Century Fox owns a small stake in Vice, and he was visiting Brooklyn to meet with Vice’s chief executive, Shane Smith. Among the topics at hand was a rumor that Vice was negotiating to collaborate with, and perhaps sell a large stake to, one of Fox’s competitors, Time Warner.

Fox is discussing a deal with Vice, too. So is Disney. Any agreement is likely to value Vice, which started as a free magazine in Montreal in 1994, at $1.5 billion to $2.5 billion. A partnership could take many shapes. But Vice, which has produced limited programming expressly for television, is seeking its own TV network, a movie deal and a lot of money for its founders and investors.

The digital disruption that is transforming the news and entertainment businesses has led to many odd alliances, but few seem more incongruous than one that would join Vice with a corporate media conglomerate. Though financing itself mostly by making videos in partnership with large corporations, Vice has assiduously cultivated an insurgent image, with its tattooed news correspondents, hand-held cameras and journalistic stunts like sending the former basketball player Dennis Rodman to North Korea.