January 3, 2013
Qatari news organization Al Jazeera Media Network announced Wednesday that it has acquired U.S. cable channel Current TV, with plans to begin broadcasting over the channel in 2013.
Al Jazeera states that by virtue of Current TV's existing relationships with cable providers, it will soon expand its U.S. audience by nearly 10 times, to more than 40 million of the 60 million U.S. households that receive Current TV. To support the expansion, Al Jazeera will open news bureaus in cities in addition to its current bases in New York, Los Angeles, Miami, Chicago, and Washington, D.C.
Current TV, which former Vice President Al Gore set up seven years ago, has its headquarters in San Francisco, a studio in Los Angeles, an advertising sales operation in New York, and international desks in London and Milan.
Al Jazeera stated that it also intends to double its U.S. staff to more than 300 employees.
Financial terms of the deal were not disclosed. Several media sources are reporting that Time Warner Cable (NYSE: TWC ) stopped carrying Current TV after the Al Jazeera deal was announced.