The tabloid, which was started by Harvey Levin and employs more than 200 people, has been acquired by Fox Corporation, owned by Rupert Murdoch. WarnerMedia’s celebrity news and gossip brand TMZ as part of its strategy to invest in projects that demand live or same-day viewing. TMZ will be run by Rupert Murdoch’s cable TV company, which owns well-known tabloids such as The New York Post and The Sun in the United Kingdom.
Mr. Murdoch, Rupert Murdoch’s eldest son, said that TMZ was a crucial program for Fox’s television stations and broadcast partners. Mr. Murdoch added, “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.”. TMZ on TV and TMZ Live are already shown on Fox Television Studios’ network affiliates, while TMZ Sports is broadcast on cable channel Fox Sports 1.
Reportedly, It was bought for substantially less than the rumored $US50 million ($68 million), according to sources familiar with the deal who were not authorized to talk publicly. According to the sources, the deal was made partly owing to entertainment news and the synergies that the two firms could offer. It was led by Fox Corp CEO and executive chairman Lachlan Murdoch.
Fox Corporation is the parent company of Fox News, Fox Sports, and Fox Business, as well as Fox Bet, a sports betting branch. It is the sister company of News Corporation, which owns newspapers such as The Wall Street Journal, The Times, and The Australian, as well as tabloids such as The New York Post, The Sun, and The Daily Telegraph in Australia. It was founded following the sale of 21st Century to Fox.