NEW YORK (1010 WINS) -- Fox Corp. has bought celebrity news juggernaut TMZ from AT&T, the company announced Monday.
Fox completed its acquisition of the brand from WarnerMedia on Monday, which not only includes the website, but also the TV shows “TMZ Live” and “TMZ Sports” which already air on Fox stations.
The terms of the deal weren’t publicly disclosed, but The Hollywood Reporter says it is for nearly $50 million. Earlier discussions valued the company over $100 million, according to The Wall Street Journal.
Founder Harvey Levin will continue running things under the deal, and also signed a multiyear deal with Fox, according to The Hollywood Reporter.
Levin will report to Rob Wade, Fox Entertainment’s president of alternative entertainment and specials.
Levin founded TMZ in 2005 and has expanded to also include a digital sports website and the site TooFab. Fox will also operate the company’s Los Angeles tour bus business.
“The unique and powerful brand Harvey has created in TMZ has forever changed the entertainment industry and we’re excited to welcome them to Fox,” said Lachlan Murdoch, the executive chairman and CEO of Fox Corp.
WarnerMedia has been shedding assets as of recently in order to pay down debt and invest in 5G. AT&T is also due to combine WarnerMedia with Discovery, in a deal that company says will close next year.