The deal is valued at $100 million, according to a person familiar with the matter who asked not to be identified discussing private information. Wenner Media's remaining titles include Rolling Stone and Men's Journal.
Us Weekly's sibling if the deal goes through, the National Enquirer, has lately published headlines supporting talking points out of the Trump White House, such as this month's "How Obama Wiretapped Trump -- Spies Tell All" and "Barack Obama Kenya Birth Certificate Exposed."
Us Weekly, founded in 1977, has ridden a core focus on celebrity news to become one of the largest magazines in the country, with a print circulation of 1.95 million. Yet it has struggled in recent years as celebrity news became widely available online. Us Weekly's newsstand sales fell 27% last year, according to MagNet, which tracks that data. Magazine ad pages in general have been suffering long-term declines. And U.S. traffic to Us Weekly's website dropped 28% from July 2015 to January of this year, according to ComScore.
The celebrity-centric magazine was acquired by Wenner Media in 1985. In 2001, Wenner Media sold a 50% stake in Us Weekly to Walt Disney Co. for $40 million. Wenner, which also publishes Rolling Stone and Men's Journal, borrowed money to buy back the stake in 2006 for $300 million and is still paying off the debt.
Us Weekly was a big part of Wenner Media's sales, making up nearly 70% of the company's $330 million in annual revenue in the period ending June 2016, according to Moody's.
Publisher Jann Wenner, who started Rolling Stone in a San Francisco warehouse in 1967, has been looking for ways to keep his magazines relevant to a generation more apt to read articles on smartphones and tablets than in print. Last year, Wenner Media sold a 49% stake in Rolling Stone to a Singapore-based digital music company.
In 2014, he put his son Gus Wenner in charge of the company's digital strategy. Wenner Media recently announced the creation of Glixel, a digital-only publication that covers video games.
American Media Inc. is run by chairman, president and CEO David Pecker.
-- Bloomberg News and Ad Age staff