Today, American Media Inc (AMI) said that it was selling its National Enquirer tabloid to James Cohen, whose family owns a magazine distributor. They also used to own the Hudson chain of airport newsstands.
The National Enquirer had admitted to paying hush money to help Donald Trump, the President of the United States of America, get elected. It has also been accused of attempting to blackmail Jeff Bezos, the Amazon founder.
Along with two of its sister publications, the weekly tabloid will be acquired by Cohen. The Washington Post reported that the sale was for $100 million (£76.99 million). The price of the deal was not disclosed.
The family of Cohen owns Hudson News Distributors, a U.S. magazine and book distributor. In 2008, the family sold the airport retail and newsstand business to Dufry AG.
The deal comes a week after AMI said that it was looking at “strategic options” for the National Enquirer as well as for the Globe and National Examiner brands.
The sale is anticipated to reduce the debt of AMI to $355 million.
Last week, the New York Times reported that the owners of the National Enquirer were in negotiations for the sale of the tabloid to Ronald Burkle, a California-based billionaire.
According to media reports, one of the heirs of Generoso Pope Jr., the National Enquirer founder, Paul Pope, had also been in the list of bidders.
Last Tuesday, the New York Post reported that Pope dismissed his bid to acquire the supermarket tabloid from American Media.
Over its 92-year history, the National Enquirer has attracted readers in supermarket checkout lines with sensational headlines and photos regarding celebrities. The website says that it has an audience of approximately 5 million.
Earlier last February, the chief executive of Amazon.com Inc, Bezos, accused the publication of attempting to blackmail him with the threat of publishing intimate photos. AMI has defended its reporting on the affair of Bezos with a former television anchor, Lauren Sanchez.