Murdoch Buys TMZ For “Very Modest” Amount
The Fox Corporation has purchased leading gossip website for roughly $50 million, a deal that CEO Lachlan Murdoch calls “very modest” in scale.
Murdoch told a Bank of America conference today that “when we look at TMZ, we see a business that we were not in, in terms of celebrity or entertainment news, but can absolutely fit alongside all of our other brands and platforms, and can help drive it across the board.”
Murdoch explains that what Fox looks for in a business is “something that we can from a content or business model perspective, plug into our multiple platforms, where we can monetise them through entertainment, through news, through sports, and digital.”
TMZ was previously owned by Warner Media. It was founded by Harvey Levin in 2005. The site has broken many high-profile entertainment news stories, including the deaths of Michael Jackson and Whitney Houston