DISCB - WarnerMedia sells TMZ to Fox

WarnerMedia (NYSE:T) has sold celebrity gossip brand TMZ to Fox (FOX, FOXA). Those talks were reported just over a month ago. Terms weren't disclosed, and final estimates of the size of the deal vary - from a lower-end $50 million up to closer to $100 million-$125 million. And in any case it's the latest example of AT&T looking to shed noncore assets and focus on wireless and networking as it looks to prepare WarnerMedia for a spinoff and combination with Discovery (NASDAQ:DISCA). Fox takes over TMZ's linear, digital and experiential assets; it plans to mobilize the brand across its TV stations; its free ad-supported Tubi TV; and other platforms. As part of the deal, founder and leader Harvey Levin will stay on to manage TMZ under Fox's leadership.

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WarnerMedia sells TMZ to Fox