Fox Entertainment acquired TMZ from WarnerMedia
Fox Entertainment has closed its acquisition of TMZ from WarnerMedia, confirming that founder and managing editor Harvey Levin will continue with the newly-situated company.
Terms weren’t disclosed, but Deadline reported that the deal was believed to be worth less than USD 50 million.
Earlier this year, reports in several press outlets indicated a price more than twice the level and so the final cost seemed to be a bargain given the many places wherein Fox will be able to rely on TMZ for content.
Fox will own and operate all of TMZ’s experiential, linear, and digital assets, including magazine programs TMZ Live and TMZ. The TV series had created a connection between Fox and Warner, with both shows airing on 18 network affiliates owned by Fox’s station group.
TMZ has added casino slot machines and branded celebrity tours to its portfolio as it had expanded over the past couple of decades. TMZ’s digital assets include TooFab.com, TMZ Sports, and TMZ.com.
According to Fox, it planned to mobilize TMZ across its station group, free, ad-supported streaming outlet Tubi and other platforms.
Deadline also reported that Levin will report to Fox Entertainment’s president of alternative entertainment and specials Rob Wade. TMZ was founded by Levin and the late Jim Paratore in 2005.
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Fox Corp. CEO Lachlan Murdoch said that the “unique and powerful brand” Levin has created in TMZ has forever changed the entertainment industry and they’re excited to welcome them to Fox.
“TMZ has been an impactful program for our Fox television stations and broadcast partners for many years and I know Jack Abernethy and Charlie Collier will find creative ways to utilize and expand this content in effective and compelling ways for our audiences,” Murdoch said.
Fox Entertainment CEO Charlie Collier shared that he knew it’s TMZ when he saw a breaking celebrity-related story that’s “equal parts shocking, fun, and addictive”.
Warner Bros Television Group chairman Channing Dungey said that the deal will enable TMZ to be “more closely aligned with the distributor of the popular content they create”.
According to Levin, TMZ “couldn’t be more charged” about the transaction and Fox Entertainment was opening up a world of opportunities for the company to grow their current platforms and to expand in every which way.
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