Fox already has deep ties to TMZ, which owns a popular website and produces several TV shows.
Fox Corp. FOX, +1.29% said it has acquired celebrity news platform TMZ from AT&T Inc.’s T, +1.25% 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 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.An expanded version of this report appears on WSJ.com.Facebook says its rules apply to all. Company documents reveal a secret elite that’s exempt.
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