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What would you do if you had an extra $50 million laying around? Maybe you’d get into the business of pumping out content that shows Britney Spears leaving LAX, Russell Westbrook parading around town in a dress and the Kardashians doing whatever or whoever it is that the Kardashians do.
Fox decided to use their rainy day fund to do just that, reaching an agreement to purchase sports and celebrity gossip site TMZ.
— Adweek (@Adweek) September 13, 2021
Variety reports that Fox Corp. has completed an acquisition to acquire TMZ from WarnerMedia at a price tag estimated at around $50 million. Fox will gain all of TMZ’s assets, which in addition to the immensely popular website, includes TMZ Live and TMZ Sports. The move allows Fox to expand their already massive digital news operations.
TMZ’s managing editor and co-founder, Harvey Levin, will stay involved with the company’s day to day operations.
“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 chairman-CEO of Fox Corp., Lachlan Murdoch. “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.”
TMZ debuted in 2005 and has quickly become the go-to site for celebrity news, videos and gossip. It regularly features the biggest names and faces in sports and entertainment. “We couldn’t be more charged,” Levin told Variety. “Fox Entertainment is opening up a world of opportunities for TMZ to grow our current platforms and expand in every which way.”