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 TrumpDemocrat calls on White House to withdraw ambassador to Belarus nominee TikTok collected data from mobile devices to track Android users: report Peterson wins Minnesota House primary in crucial swing district 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 BezosTo save the Postal Service, bring it online Hearing for Twitter hack suspect Zoom-bombed by porn, rap music Five takeaways from Big Tech's blowout earnings 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.