A group of investors named Bat Boy LLC has acquired the Weekly World News from American Media. The Palm Beach Post says the buyers are named after the bat boy creature made famous by the Weekly World News stories.

"The Weekly World News is a powerful brand in publishing, entertainment and online," said Weekly World News' new chief executive, Neil McGinness, in a statement released late Saturday. "The Weekly World News brand and its characters have inspired musicals, books, feature film projects and television shows over the years. We see tremendous potential for growing the brand and significantly expanding the business."

Terms of the deal were not disclosed, and neither American Media nor McGinness could be reached for comment.

The buyers are named after the half-man, half-bat creature that first appeared on the cover of Weekly World News in 1992. Bat Boy became a popular staple of the tabloid, emerging from time to time to lead police on a high-speed chase, ride the top of a New York subway train, shed his wings and endorse Al Gore for president.