National Enquirer to sell for $100 million

National Enquirer to sell for $100 million

Hudson News CEO James Cohen will purchase the National Enquirer and two sister publications for $100 million, according to the Washington Post.

The hedge fund that controls the tabloid’s parent company, American Media Inc. (AMI), has reportedly grown disillusioned with the Enquirer’s reporting tactics, after a series of legal controversies put the tabloid in the spotlight. 

Last August, the company’s board of directors began looking for ways to sell off the tabloids “because they didn’t want to deal with hassles like this anymore,” a person familiar with board deliberations told the Post.

Among other things, the Enquirer reportedly used “catch and kill” practices of purchasing and suppressing stories that could be damaging to President TrumpDonald John TrumpTrump says 'Failing New York Times' should be held 'fully accountable' over Russia report Trump says 'Failing New York Times' should be held 'fully accountable' over Russia report Trump tweets ICE will begin removing 'millions' of undocumented migrants MORE’s 2016 campaign. American Media’s CEO, David Pecker, is a longtime friend of Trump.

Pecker and chief content officer Dylan Howard last year entered into a non-prosecution agreement with federal investigators to avoid indictment over what prosecutors said was an attempt to help suppress a former Playboy model’s alleged affair with Trump.

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The company has also faced financial problems during attempts to refinance over $400 million of debt earlier in the year, along with sales figures that were cut nearly in half between 2014 and December 2018, according to the Post.

Amazon founder Jeff BezosJeffrey (Jeff) Preston BezosBiden criticizes Amazon for paying Jeff Bezos in corporate taxes Biden criticizes Amazon for paying Jeff Bezos in corporate taxes Hillicon Valley: YouTube under fire | FCC gets tough on robocalls | Maine governor signs strict privacy bill | Amazon says delivery drones coming in 'months' MORE, who also owns the Post, has also accused the Enquirer of attempting to extort him over an extramarital affair. Bezos is reportedly set to meet with federal investigators for the Southern District of New York regarding his claims.

The sale of the Enquirer, which also covers the National Examiner and the Globe, is projected to cut AMI’s debt to $355 million, according to the Post, citing a person familiar with the company’s finances.