NBC gets stake in Euronews in global push

NEW YORK • NBC News has announced it is taking a stake in Europe-based media group Euronews, allowing the US group to compete on a global scale in the TV news business.

"For as long as I can remember, at NBC News, we've wanted to establish a global reach for our news organisation that matches our impact and reputation in the United States," said NBC News group chairman Andy Lack on Tuesday.

The NBC statement did not include financial details, but a source close to the matter said the stake in Euronews would amount to 25 per cent.

The move will help NBC - a unit of Comcast's NBCUniversal - compete with rivals such as CNN and BBC that reach viewers around the globe.

"We plan to marry the power of the NBC News brand and the talent of our people with a formidable news asset in Europe, in order to create an international offering that will strengthen our news organisation and change the landscape of international news," Mr Lack said.

The new venture will be called Euronews NBC.

"By joining forces with Euronews and their nearly 500 journalists, our audience on the broadcast network, on MSNBC and our digital platforms will benefit from a greatly expanded news gathering capability," he added.

"And we will reach 277 million new households in 13 languages across Europe, Africa and the Middle East." Euronews was founded in 1993 as an alliance of some 20 public broadcasters. In 2015, it sold a controlling stake to Egyptian media magnate Naguib Sawiris. It is based in France.

As part of the new initiative, the US group named its executive Deborah Turness as the first president of NBC News International. Ms Turness had previously worked at Britain's ITV News.

AGENCE FRANCE-PRESSE

A version of this article appeared in the print edition of The Straits Times on February 16, 2017, with the headline 'NBC gets stake in Euronews in global push'. Print Edition | Subscribe