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AT&T Sells TMZ to FOX Entertainment

Multinational conglomerate AT&T’s (T) WarnerMedia has sold TMZ entertainment platform and all its media properties to FOX Entertainment (FOX). The terms of the agreement have not been disclosed so far.

As per the deal, FOX will own and operate all TMZ-branded linear, digital and experiential assets, including TMZ’s hit syndicated magazine programs, dedicated sports site TMZ Sports and program TMZ SPORTS and celebrity tour operations in Los Angeles.

Notably, TMZ founder and managing editor Harvey Levin has been retained by FOX. He will continue to oversee day-to-day operations for the brand. (See AT&T stock charts on TipRanks)

The CEO of FOX, Charlie Collier, said, “Whether via broadcast or digital, TMZ has brought its brand-defining energy and sense of urgency to fans across the planet. We see great potential in building upon this franchise by adding new creative ventures with Harvey and everyone at TMZ.”

On September 8, LightShed Partners analyst Walter Piecyk initiated coverage on AT&T with a Buy rating and a price target of $36 (30.8% upside potential).

Piecyk is of the opinion that AT&T’s wireless and fiber growth opportunity is not fully recognized by the market and that “it won’t be long before share repurchases become part of the narrative.”

Based on 5 Buys, 5 Holds and 2 Sells, the stock has a Hold consensus rating. The average AT&T price target of $31.50 implies 14.5% upside potential from current levels. Shares have lost 6.5% so far this year.

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