64°
Partly sunny
SUN
 86°
 53°
MON
 90°
 58°
TUE
 82°
 56°
WED
 78°
 56°
THU
 79°
 53°

Vote for the Best of Sonoma County finalists: Best place to get married, best fundraising event and much more!

Al-Jazeera pays $500 million for Current TV

  • In this Jan. 13, 2012 file photo, Former Vice President Al Gore, Current TV Chairman and Co-Founder, participates in the Television Critics Association Winter Press Tour in Pasadena , Calif. Al-Jazeera, the Pan-Arab news channel that has struggled to win space on American cable television, has acquired Current TV, Gore confirmed Wednesday, Jan. 2, 2013. (AP Photo/Danny Moloshok, File)

LOS ANGELES — With its $500 million purchase of left-leaning Current TV, the Pan-Arab news channel Al-Jazeera will soon be seen in tens of millions of U.S. homes. It's a steep price, but the acquisition helps the network in its aim to quickly spread its message to more Americans.

The purchase will create a news channel called Al-Jazeera America, coming to American homes 90 days from now with a distinctly non-American view of the world. The network claims many people in the U.S. have sought its programming online, and that it aims to present an "unbiased" view, "representing as many different viewpoints as possible."

The deal already had its first casualty.

The nation's second-largest TV operator, Time Warner Cable Inc., dropped Current after the deal was confirmed Wednesday, saying the network didn't have enough viewers.

The change in ownership gives Time Warner Cable the right to drop the channel, but spokeswoman Maureen Huff said the company is keeping "an open mind" about airing the new Al-Jazeera America.

"As a service develops, we will evaluate whether it makes sense for our customers to launch the network," Huff said.

Even after it is rebranded later this year, the channel will continue to be carried by DirecTV, Dish Network, Comcast Corp., AT&T U-verse and Verizon FiOS, according to a person familiar with the matter. The person spoke on condition of anonymity and wasn't authorized to speak publicly.

That boosts the reach of Al-Jazeera to about 50 million homes, up from the 4.7 million that could watch Al-Jazeera English, which is available to some subscribers in New York and Washington. That's down slightly from the 60 million homes Current TV was in.

It also amounts to a hefty payday for former Vice President Al Gore and cofounder Joel Hyatt, each of whom had 20 percent stakes in Current. Comcast had less than a 10 percent stake. Another major investor in Current TV was supermarket magnate and entertainment industry investor Ron Burkle, according to information service Capital IQ.

© The Press Democrat |  Terms of Service |  Privacy Policy |  Jobs With Us |  RSS |  Advertising |  Sonoma Media Investments |  Place an Ad
Switch to our Mobile View