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.
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