In an estimated deal that could be worth as much as $500 million (Dh1.8 billion), Al Jazeera will be buying Current TV. Founded by Al Gore and partners the Current TV acquisition by Al Jazeera will boost the Qatar-based broadcasters footprint in the United States. Al Jazeera now plans to start a new US-based news […]
In an estimated deal that could be worth as much as $500 million (Dh1.8 billion), Al Jazeera will be buying Current TV. Founded by Al Gore and partners the Current TV acquisition by Al Jazeera will boost the Qatar-based broadcasters footprint in the United States.
Al Jazeera now plans to start a new US-based news channel which will be available in more than 40 million US households, up from 4.7 million prior to the deal.
Operating under the patronage of the emir of Qatar, currently Al Jazeera is seen in more than 260 million homes in 130 countries. Current TV on the other hand battles low viewership and had been distributed in about 60 million of the 100 million homes in the United States with cable or satellite service.
One of its distributors, Time Warner Cable, which accounted for about 12 million of those homes, announced that it was terminating its carriage deal.
Our agreement with Current has been terminated and we will no longer be carrying the service. We are removing the service as quickly as possible, Time Warner Cable said in a statement.
Chairman Gore and co-founder and chief executive officer Joel Hyatt, will remain on the advisory board.
The new US-based news channel would be separate from Al Jazeera English, and would provide both domestic and international news for American audiences. Estimated to air in 2013, it is expected to offer close competition to American news channels like CNN, MSNBC and Fox.
