National Enquirer being sold to former newsstand mogul

In this photo illustration, celebrity gossip dominates the cover of a National Enquirer magazine on April 11, 2019 in Chicago, Illinois. (AFP)

The National Enquirer is being sold to the former head of the airport newsstand company Hudson News.

Tabloid owner American Media says it is selling the supermarket weekly to James Cohen. The deal comes after a rocky year for the tabloid in which it was caught up in a federal probe of illegal campaign contributions to Donald Trump’s presidential campaign in 2016.

Financial terms were not immediately disclosed for the deal, which also includes two other American Media tabloids, the Globe and the National Examiner.

This comes a week after AMI had said it was looking at “strategic options” for the National Enquirer, as well as for the Globe and the National Examiner brands.

The sale is expected to reduce AMI’s debt to $355 million, the Washington Post report said.

Last week, the New York Times reported that owners of the National Enquirer were in talks to sell the tabloid to the California billionaire Ronald Burkle.

According to media reports, Paul Pope, one of the heirs of the National Enquirer founder Generoso Pope Jr, had also been in the list of bidders.

On Tuesday, Pope, according to the New York Post, dropped his bid to buy the supermarket tabloid from American Media.

Over its 92-year history, the National Enquirer has enticed readers in supermarket checkout lines with sensational headlines and photos about celebrities. The tabloid’s website claims it reaches an audience of 5 million.

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Last Update: Wednesday, 20 May 2020 KSA 09:54 - GMT 06:54
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