AT&T in talks to sell gossip website TMZ to Fox as it sells Warner and Discovery in $ 43 billion deal
AT&T in talks to sell showbiz gossip website TMZ to Fox as it dumps Warner and Discovery in $ 43 billion deal as telecommunications company increases investment in technology 5G
- AT&T in talks with Fox to get rid of celebrity gossip site TMZ and focus on 5G technology
- The company has unloaded many assets including DirecTV and Crunchyroll
- CEO John Stankey said the company is focusing on “connectivity and content”
AT&T is in talks with Fox to sell celebrity gossip site TMZ.
Its sister show TMZ On TV is already airing on local Fox stations, which makes the deal unsurprising.
TMZ was launched in 2005 – which is short for “Thirty Mile Zone” – after gaining popular popularity for publishing several major entertainment reports, including the fallout from Britney Spears and Kevin Federline’s marriage and arrest. of Mel Gibson for impaired driving.
The Thirty Mile Zone is the roughly defined area of Los Angeles that encompasses the city’s entertainment industry.
TMZ made a name for itself during the 2000s with an astonishing string of showbiz exclusives, though the site is now best known for first reporting the deaths of celebrities, including that of the legend. basketball player Kobe Bryant, who died in a helicopter crash in January 2020.
The company is also preparing to merge WarnerMedia with Discovery in a $ 43 billion deal that may not close until mid-2022. He’s made serious investments with Spectrum as 5G rolls out across the country. AT&T only bought WarnerMedia three years ago to create real value after the launch of HBO Max.
AT&T in talks with Fox over sale of popular gossip website TMZ after offloading WarnerMedia and Discovery in $ 43 billion deal
AT&T CEO John Stankey said last month that the WarnerMedia / Discovery deal is on track.
AT&T has previously sold non-core assets, like TMZ, to raise funds to pay off the company’s debts.
In June, it sold Playdemic, a mobile games studio, for $ 1.4 billion to Electronic Arts, and recently struck a deal on its Crunchyroll anime business with Sony’s Funimation group for $ 1.2 billion. dollars.
AT&T also announced that its satellite TV provider DirecTV – which they bought in 2015 for $ 67 billion – will become a stand-alone video company. The deal comes after a $ 16 billion buyout from TPG Capital.
Under the agreement, TPG will invest $ 1.8 billion in DirecTV, which will borrow money to pay AT&T $ 7.6 billion in cash.
The company chooses to focus on “connectivity and content,” according to CEO John Stankey. It prioritizes its 5G connectivity with Spectrum and its HBO Max streaming service.
AT&T has offloaded many of its non-core assets, such as DirecTV and Crunchyroll