Al Jazeera To Buy Current TV

ScreenHunter_34 Jan. 03 00.13Al Gore’s brainchild looks to be getting a new owner as news organization Al Jazeera (often times controversial)  is said to be acquiring the left wing news channel to have a bigger voice in the US.  The station has their headquarters here in San Francisco (right across from SF Giants stadium) and still have memories of being a guest last March on the same day they fired Keith Olbermann as their anchor.

According to the NYTimes:

Al Jazeera on Wednesday announced a deal to take over Current TV, the low-rated cable channel that was founded by Al Gore, a former vice president, and his business partners seven years ago. Al Jazeera plans to shut Current and start an English-language channel, which will be available in more than 40 million homes, with newscasts emanating from both New York and Doha, Qatar.

For Al Jazeera, which is financed by the government of Qatar, the acquisition is a coming of age moment. A decade ago, Al Jazeera’s flagship Arabic-language channel was reviled by American politicians for showing videotapes from Al Qaeda members and sympathizers. Now the news operation is buying an American channel, having convinced Mr. Gore and the other owners of Current that it has the journalistic muscle and the money to compete head-to-head with CNN and other news channels in the United States.

Al Jazeera did not disclose the purchase price, but people with direct knowledge of the deal pegged it at around $500 million, indicating a $100 million payout for Mr. Gore, who owned 20 percent of Current. Mr. Gore and his partners were eager to complete the deal by Dec. 31, lest it be subject to higher tax rates that took effect on Jan. 1, according to several people who insisted on anonymity because they were not authorized to speak publicly. But the deal was not signed until Wednesday.

Comments

  1. Just what I needed, thanks a lot.

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