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Fox News company bought the Hollywood celebrity sensationalist platform TMZ in an attempt to expand its business in digital media, the company itself confirmed on Monday.
Although the price of the sale was not made public, sources familiar with the transaction assured specialized media that the deal was closed at about 50 million dollars.
Thus, Fox acquired the TMZ media from its previous owner, the WarnerMedia unit of the telecommunications company AT&T.
This deal will bring the tabloid, which specializes in Hollywood celebrities and show business in general, under the umbrella of the Fox broadcast network.
In addition to its websites, including pages such as TooFab.com, TMZ has also had a television show since 2007 in which it recounts the gossip that is published in its media outlet.
Fox was the launching partner of that show and continues to broadcast it today.
Harvey Levin, TMZ’s founder, chairman and managing editor, will continue to run the tabloid’s day-to-day operations and will report to Rob Wade, president of alternative entertainment at Fox Entertainment.
The executive also signed a multi-year deal with Fox as part of the sale, according to The Hollywood Reporter.
Levin founded TMZ in 2005 and continues to serve as its managing editor, providing scoops, breaking information and Hollywood rumors.
The company gained fame in the industry for its scoops, which included being the first media outlet to report on the deaths of Michael Jackson and Prince, among others.
Under Fox’s ownership, TMZ, which created a new form of tabloid journalism for the digital age, will be owned by Rupert Murdoch, who redefined the genre through his ownership of newspapers such as The New York Post, the UK’s The Sun and Australia’s The Daily Telegraph.