TMZ, the online tabloid co-founded and operated by Harvey Levine, has been sold to Fox Entertainment in a deal. Allegedly Worth about $50 million.
why it matters: The deal points to Fox Corp.’s ambition to incorporate more entertainment programming into its digital and TV channels.
- It also points to ongoing efforts by WarnerMedia’s parent AT&T to drop non-core assets, including Media. AT&T agreed to delist WarnerMedia earlier this year. It successfully completed a spin-off of its video business this summer.
description: Levin will remain with TMZ as its managing editor, Fox said in a statement, and will continue to oversee day-to-day operations for the company.
- He will report to Fox Entertainment’s President of Alternative Entertainment and Specials, Rob Wade.
- Fox will own and operate all TMZ-branded channels, including its events, digital and television programs.
Between the lines: TMZ and Fox Entertainment already share a close relationship.
- TMZ’s syndicated TV magazine programs, TMZ and TMZ LIVE, air on 18 network affiliates already owned by FOX television stations. Starting immediately, Fox will drive all sales and marketing for both shows, which have been renewed through the 2022–23 TV season. TMZ’s sports programs already air on Fox’s sports network, Fox Sports 1.
- TMZ has already produced several specials for Fox Entertainment, including a program Prince Harry and Meghan Markle.
- The deal includes TMZ’s celebrity and culture outlet, TooFab.com, and its flagship outlet, TMZ.com, which Fox says will be a “significant expansion of Fox’s digital footprint.”
What are they saying: Announcing the deal, Lachlan Murdoch, executive chairman and chief executive officer of Fox Corporation, said in a statement, “The unique and powerful brand Harvey created at TMZ has changed the entertainment industry forever and we look forward to welcoming him to Fox. Excited for.”
- notice first informed of About the deal talks between the two companies earlier this summer.