On May 29, 2012, co-founder Jim Paratore died of a heart attack during a cycling trip in France. Telepictures (which TMZ is operated by) stated: "Subject to certain performance adjustments and the reimbursement of expenses, revenues are split evenly between the parties Telepictures received payments of US$6.2 million for the nine months ended September 30, 2009, and US$12.7 million, US$9.6 million and US$3.0 million in 2008, 20, respectively." Based on released figures, TMZ's revenues for 2008 was US$25.4 million and is projected to have less revenue in the 2009 year with the revenue of $12.4 million in first three quarters of the year-unlike the previous year, which was within the US$15 million range. In November 2009, TMZ's revenue was publicly disclosed for the first time. Levin stated that TMZ pays for photos and for 'tips' or leads on stories, and defended TMZ's position by stating that the sources and tips are verified before being used or reported. Levin has acknowledged that TMZ pays sources, but in the form of a "tip fee". Levin has acknowledged that TMZ has passed on multiple notable coverages because he felt that, while the stories are true, he questioned how the sources obtained their information. The New York Times cited TMZ as "one of the most successful online ventures of the last few years." In October 2008, the New York Times reported that TMZ, at the time, was receiving more than 10 million viewers every month. Since 2005, TMZ has signed New Line Cinema, Hilton Hotels, Chrysler and Revlon as charter advertisers to their website. Since April 2013, TMZ is located in Marina del Rey, California. TMZ later relocated to Sunset Blvd, Los Angeles. Victory Studios in Glendale, California (pictured here in 2007), where TMZ launched. Mike Shields of wrote, "the site also boasts of an expansive collection of archived star photos and videos", allowing fans to "trace changing hairlines and waistlines of their favorites performers over the years".
The site was described as "an effort to further feed the current American obsession with celebrities". At the time of the launch, AOL confirmed that the site would primarily feature and consist of Hollywood gossip, including interviews, photos and video footage of celebrities and information pertaining to industry news on movies, television shows, etc. Three months prior to the official launch of TMZ, America Online (AOL) had hinted that it was planning to launch a Hollywood and entertainment-centric news site that would be produced in conjunction with Telepictures Productions and had shown interest in launching a website featuring a focus mainly on celebrities. While the TMZ website claims that it does not pay writers for stories or interviews, Levin has acknowledged that TMZ does "sometimes pay sources for leads on stories".
TMZ's managing editor is Harvey Levin, a lawyer-turned-journalist who was previously a legal expert for the Los Angeles television station KCBS-TV.
It was called the studio zone because of the number of film and television studios contained within it. The name TMZ is derived from the acronym for thirty-mile zone that was historically used in the film and television industry to refer to the so-called "studio zone"-an area with a 30-mile (48 km) radius centered on the intersection of Beverly Boulevard and La Cienega Boulevard in Los Angeles, California.
On September 13, 2021, Fox Corporation acquired TMZ from WarnerMedia for $50 million. It made its debut on November 8, 2005, originally as a collaboration between AOL and Telepictures, a division of Warner Bros., until Time Warner divested AOL in 2009. TMZ is a tabloid website owned by Fox Corporation.
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