Al-Jazeera acquires Gore-founded TV group
NEW YORK (AFP) - Al-Jazeera has acquired Current TV, a struggling cable channel that will nonetheless give it access to millions of homes in the United States which it has long sought, The New York Times reported.
Terms of the deal for Current TV, which was founded by former US vice-president Al Gore, were not immediately disclosed, but Forbes reported that a possible value of US$400 million (S$488.2 million) could net Gore a tidy US$100 million.
It also should give Qatar-based Al-Jazeera vastly broader entry into US homes. Current TV is available in around 60 million American households, the report said.
"Al-Jazeera is planning to invest significantly in building 'Al-Jazeera America,' a network focused on international news for the American audience," Current TV's chief executive Joel Hyatt said in an e-mail to staff late on Wednesday, according to the report.