“We see great potential in the TMZ brand,” says Granthshala’s entertainment chief executive
Granthshala Corp says it has acquired celebrity news platform TMZ AT&T Inc.’s WarnerMedia unit, as the company seeks to expand into digital media and unscripted content.
Terms of the deal were not released, but TMZ is valued at less than $50 million, people familiar with the matter said. NS wall street journal It was reported last month that the companies were negotiating terms that would value TMZ between $100 million and $125 million.
Granthshala already has a close relationship with TMZ, which owns a popular website and produces several TV shows. The TMZ shows “TMZ” and “TMZ Live” take place on Granthshala local-television stations. TMZ has produced specials for Granthshala’s entertainment unit including “Harry and Meghan: The Royals in Crisis” and “UFO: The Pentagon Proof” and one. Play Gossip Show which is run by Granthshala Sports 1 cable network.
Harvey Levine, co-founder and managing editor of TMZ, has also produced shows for Granthshala News Channel.
Mr. Levine, who launched TMZ in 2005 and serves as the host of its TV shows, will remain in charge of operations. In a statement, Mr Levine said new opportunities would arise to grow TMZ under Granthshala’s roof. “We can’t be charged more,” he said.
At WarnerMedia, TMZ was somewhat different. Its reporting on film and TV stars with whom other parts of the Warner Empire were Business The relationship caused tension within the company, current and former executives at Warner Bros. have said.
Mr Levine’s agreement with Warner Bros. was expiring and he was not expected to remain in place if the property remained there, a person close to the situation said.
Granthshala, which primarily produces unwritten fare and games, will have less conflict with TMZ.
“TMZ has been an influential program for our Granthshala television stations and broadcast partners for many years,” said Lachlan Murdoch, Granthshala Corp.’s executive chairman and chief executive, in a statement.
“We see great potential on TMZ’s brand and track-record and are adding new creative ventures with Harvey and the TMZ team,” said Granthshala Entertainment Chief Executive Charlie Collier.
Earlier this year, Granthshala acquired Outkick Media, a news platform that covers sports, Politics, and Culture was founded by outspoken commentator Clay Travis.
Granthshala Corp. and the Wall Street Journal parent News Corp. share common ownership.
The talks between WarnerMedia and Granthshala preceded AT&T’s decision earlier this year to wind up WarnerMedia after less than three years of control. entertainment Huge. In May, AT&T and Discovery Inc. agreed to combine their entertainment assets into a new stand-alone, publicly traded company called Warner Bros. AT&T shareholders will retain a 70% stake in the new business.
TMZ is one of several properties that AT&T has bought since John Stankey became the telecom company’s chief executive officer in mid-2020. In December, AT&T sold its animation streaming service, Crunchyroll, to Sony Corp. deal to sell it for $1.175 billion. That transaction closed last month.