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Sept. 13, 2021, 4:28 p.m. EDT

Fox buys celebrity-news platform TMZ from WarnerMedia

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Joe Flint

Fox Corp. /zigman2/quotes/209921865/composite FOX -0.54%  said it has acquired celebrity news platform TMZ from AT&T Inc.’s /zigman2/quotes/203165245/composite T -1.05%  WarnerMedia unit, as the company looks to expand in digital media and unscripted  content.

Terms of the deal weren’t released but TMZ is being valued at less than $50 million, people familiar with the matter said. The Wall Street Journal reported last month that  the companies were negotiating terms  that would value TMZ at between $100 million and $125 million.

Fox already has deep ties to TMZ, which owns a popular website and produces several TV shows. Fox local-television stations carry the TMZ shows “TMZ” and “TMZ Live.” TMZ has produced specials for Fox’s entertainment unit, including “Harry & Meghan: The Royals in Crisis” and “UFOs: The Pentagon Proof,” and a sports gossip show that is carried by the Fox Sports 1 cable network.

TMZ co-founder and managing editor Harvey Levin has also produced shows for the Fox News channel.

An expanded version of this report appears on WSJ.com.

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/zigman2/quotes/209921865/composite
US : U.S.: Nasdaq
$ 38.72
-0.21 -0.54%
Volume: 925,229
Oct. 26, 2021 4:00p
P/E Ratio
10.79
Dividend Yield
1.24%
Market Cap
$23.22 billion
Rev. per Employee
$1.43M
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/zigman2/quotes/203165245/composite
US : U.S.: NYSE
$ 25.37
-0.27 -1.05%
Volume: 36.40M
Oct. 26, 2021 4:02p
P/E Ratio
210.36
Dividend Yield
8.20%
Market Cap
$183.07 billion
Rev. per Employee
$746,783
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