Fox Corp. has reportedly completed an acquisition of news and entertainment website TMZ from WarnerMedia for an estimated $50 million, Variety reports.
The deal includes the transfer of all TMZ's assets, including TMZ Live and TMZ Sports.
Harvey Levin, the managing editor of TMZ and its co-founder, will remain involved with the company's day-to-day operations.
"We couldn’t be more charged,” Levin said, according to Variety. “Fox Entertainment is opening up a world of opportunities for TMZ to grow our current platforms and expand in every which way.”
Lachlan Murdoch, chairman-CEO of Fox Corp, echoed a similar sentiment.
“The unique and powerful brand Harvey has created in TMZ has forever changed the entertainment industry and we’re excited to welcome them to Fox,” he said.
TMZ, named after the "Thirty-Mile Zone," an area in Los Angeles associated with the entertainment industry, has long been associated with tabloid-style celebrity news.
"When I see a breaking celebrity-related story that is equal parts shocking, fun and addictive, I know it's TMZ," Fox Entertainment CEO Charlie Collier said in a statement. "Whether via broadcast or digital, TMZ has brought its brand-defining energy and sense of urgency to fans across the planet."