Fox Entertainment Buys TMZ, Conflicting Reports on Price of Deal

by Megan Molseed
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Fox Entertainment has now officially acquired the infamous tabloid TMZ. But, exactly how much Fox acquired the popular celebrity gossip franchise for, isn’t entirely clear.

The deal was made as AT&T’s WarnerMedia entered into discussions recently; as the two companies considered the possible acquisition of the longtime tabloid by the Fox corporation. The news that the acquisition is now final broke earlier today. But there are conflicting reports as to what the company paid for the franchise.

Some reports note that this deal has been valued at less than $50 million. Others put the final sale number in the $100 million range.

As part of this deal, TMZ founder, Harvey Levin will continue to operate the popular TMZ franchise. Just as he has done since developing the company in 2005. Only this time under the Fox broadcast network.

TMZ includes various websites, a syndicated television series called TMZ on TV.

Recently, Harvey Levin and TMZ have added a sports series, TMZ Sports as well.

As the face of the outlet Levin has signed a contract with Fox as part of the deal. According to reports, the contract includes a multi-year deal with Fox as the company takes on the TMZ franchise.

TMZ was founded in 2005 by Harvey Levin. The TMZ host will continue to deliver all the celebrity news and gossip despite the new ownership; a home that is very different than the home it found under WarnerMedia.

New Partnership Between Fox and TMZ

“The unique and powerful brand Harvey has created in TMZ has forever changed the entertainment industry,” noted executive chairman and CEO of Fox Corp, Lachlan Murdoch. “We’re excited to welcome them to Fox.”

With this new acquisition, it seems that the Fox Corporation is seeking to change things up a bit. Speed up the pace of the current digital news, and the celebrity news the company has been offering.

According to reports, this sale could be expected. The Warner Media company, owned by AT&T has been seeking to sell off assets. Assets that are not part of the company’s core base.

“Harvey Levin created a groundbreaking destination for entertainment news,” notes Channing Dungey, the chairman of the Warner Bros Television Group. “And for the past 15-plus years, TMZ has celebrated great success.”

Dungey adds that this deal will likely give TMZ a little more connection between the company and the audience.

“TMZ will now be more closely aligned with the distributor of the popular content they create,” Dungey said.

“WarnerMedia wishes Harvey and everyone on the team the best,” he continued. “As they venture into a new partnership with the talented team at Fox.”

President of Fox Television stations, Jack Abernethy is transitioning TMZ into a platform fitting with the brand. Viewers will soon see more of Fox’s content among the regular information. As well as the breaking celebrity buzz for which the outlet has become known.

Outsider.com