Fox Corp.
FOX,
+1.29%

 said it has acquired celebrity news platform TMZ from AT&T Inc.’s
T,
+1.25%

 WarnerMedia unit, as the company looks to expand in digital media and unscripted  content.

Terms of the deal weren’t released but TMZ is being valued at less than $50 million, people familiar with the matter said. The Wall Street Journal reported last month that the companies were negotiating terms that would value TMZ at between $100 million and $125 million.

Fox already has deep ties to TMZ, which owns a popular website and produces several TV shows. Fox local-television stations carry the TMZ shows “TMZ” and “TMZ Live.” TMZ has produced specials for Fox’s entertainment unit, including “Harry & Meghan: The Royals in Crisis” and “UFOs: The Pentagon Proof,” and a sports gossip show that is carried by the Fox Sports 1 cable network.

TMZ co-founder and managing editor Harvey Levin has also produced shows for the Fox News channel.

An expanded version of this report appears on WSJ.com.

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