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.