TMZ has been acquired by Fox Entertainment, the firms announced on Monday.

WarnerMedia, which also owns CNN, previously owned the news and entertainment brand, which was best known for breaking news on celebrity gossip and fatalities. However, ATT (T), WarnerMedia's parent company, has been selling assets to help pay down debt and prepare the way for 5G expenditures. The telecommunications behemoth sold the anime streaming business Crunchyroll to Sony and its TV provider DirectTV to TPG Capital. In addition, WarnerMedia is set to be split off and merged with Discovery.

Harvey Levin, the managing editor of TMZ who co-founded the firm in 2005, will remain on board and report to Fox executives.

The deal's other details were not disclosed.

"The distinctive and strong brand Harvey has established in TMZ has forever altered the entertainment business, and we're delighted to welcome them to FOX," said Fox Corporation Executive Chairman and CEO Lachlan Murdoch in a statement.

According to the announcement, Fox will run all of TMZ's channels, including its programs, TMZ and TMZ LIVE, which currently air on 18 network affiliates owned by Fox Television Stations.

"I know it's TMZ when I see a breaking celebrity-related story that's equal parts startling, entertaining, and addicting," Fox Entertainment CEO Charlie Collier said in a statement. "Whether through broadcast or internet, TMZ has delivered its brand-defining intensity and feeling of urgency to followers all around the world."

Last month, The Information revealed that WarnerMedia was in discussions to sell TMZ to Fox.