Tiktok competitor and Movie Pass chairman buy ‘sleeping giant’ National Enquirer

The acquirers said they want to "monetise and modernise these iconic legacy brands".

By Bron Maher

A copy of the National Enquirer at a newspaper vendor's shop in New York City, February 8, 2019. Picture: Timothy A Clary/AFP via Getty Images

The National Enquirer and two of its stablemates, Globe and National Examiner, have been acquired by Vinco Ventures and Icon Publishing.

The tabloid, known for its sensational celebrity and conspiracy coverage, is currently owned by A360 Media, itself majority-owned by hedge fund Chatham Asset Management.

Vinco Ventures owns Tiktok alternative Lomotif, online education platform Magnifi U and adtech platform Adrizer. Icon Publishing was founded by former Movie Pass chairman Ted Farnsworth and says it “strives to create and monetise synergies between legacy media brands and digital media brands”.

Farnsworth told The New York Times the consortium had bought the titles for “a little less” than $100m, and that they had estimated annual revenues of $29m and earnings before interest, taxes, depreciation and amortisation (EBITDA) of $13.5m. He called the National Enquirer “a sleeping giant sitting there not taking any advantage of the digital side”.

Vinco said it aims to “monetise and modernise these iconic world-renowned legacy brands inside its digital-first content ecosystem”. The New York Times reported that they hope to “aggressively pursue” television, film and podcast opportunities using the Enquirer’s expansive archive.

The deal covers both the UK and US editions of the National Enquirer, and each will continue to publish as normal. As part of the agreement the new owners have an exclusive 90-day window in which they can purchase other A360 publications.