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TMZ sold to Fox Entertainment
The news and entertainment brand, best known for its latest news on gossip and celebrity deaths, was previously owned by WarnerMedia, which also owns CNN. But the parent company of WarnerMedia AT&T (T) divested assets to help pay off debt and pave the way for 5G investments. The telecoms giant has sold the Crunchyroll anime brand to Sony; and its DirectTV television service to TPG Capital. WarnerMedia is also expected to be derivative and combined with Discovery.

Harvey Levin, the managing editor of TMZ who co-founded the company in 2005, will remain on board and report to the management of Fox.

Other terms of the deal were not disclosed.

Fox Corporation Executive Chairman and CEO Lachlan Murdoch said in a statement, “The unique and powerful brand Harvey has created in TMZ has changed the entertainment industry forever and we are delighted to welcome them to FOX.”

Fox will operate all of TMZ’s channels, including its programs, TMZ and TMZ LIVE, which are already broadcast on 18 affiliate networks owned by Fox Television Stations, the statement said.

“When I see a celebrity story that’s shocking, fun and addicting at the same time, I know it’s TMZ,” Charlie Collier, CEO of Fox Entertainment, said in a statement. “Whether through broadcast or digital, TMZ has brought its brand-defining energy and sense of urgency to fans around the world.”

The information first reported last month, WarnerMedia was in talks to sell TMZ to Fox.

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