Wenner sells US Weekly to National Enquirer publisher

American Media Inc., a publisher of several luminary tabloids, has concluded to acquire US Weekly from Wenner Media.

The pierce closes a vibrated bid by Wenner to sell a magazine. Tronc, a media firm that owns a Los Angeles Times and Chicago Tribune, was reportedly tighten to shopping US Weekly progressing this month for a understanding between $85 million and $95 million.

But those talks collapsed abruptly, clearing a approach for AMI’s winning bid. The new understanding is value $100 million, according to the Wall Street Journal.

Adding US Weekly to a portfolio will give AMI, that owns a National Enquirer and Radar Online, a probable foothold to a childish audience.

Related: Jury awards $3 million to UVA director in Rolling Stone insult case

In a press recover Wednesday announcing a deal, AMI touted US Weekly’s “total assembly of some-more than 50 million immature and abundant consumers opposite a platforms.” David J. Pecker, AMI’s authority and CEO, called a luminary report repository “one of a many particular and absolute media brands.”

For Wenner Media, a sale provides some-more wherewithal to compensate off a debt. Last September, a publisher sole 49% of a many iconic asset, Rolling Stone, that has faced authorised hurdles as of late stemming from a discredited story about an purported squad rape during a University of Virginia.

In November, a jury awarded $3 million to a University of Virginia director in a insult box over a approach she was decorated in a article. Another insult lawsuit filed by a companionship that was featured in a story is scheduled to conduct to hearing after this year.

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