Charlie Collier, chief executive officer of Fox’s entertainment unit, is on a shopping spree, helping to restore the depleted Murdoch media empire one juicy deal at a time. Next on the list: fresh gossip.
The company announced Monday that it is acquiring TMZ, the celebrity gossip site and TV show, from AT&T Inc.’s WarnerMedia. The price tag, according to people familiar with the deal, is less than $50 million. The move is the latest step in an ongoing effort to build a new entertainment business after Fox sold a large chunk of its assets to Walt Disney Co. three years ago, including the 20th Century Fox studio and the FX and National Geographic cable channels.
“When everybody is trying to move their viewer behind a paywall, we see great opportunity in ad-supported businesses,” Collier said.