Qatar-based Al Jazeera Media Network has acquired the US cable channel Current TV, it was announced Thursday.
"For many years, we understood that we could make a positive contribution to the news and information available in and about the US and what we are announcing today will help us achieve that goal," Al Jazeera Director General Ahmed bin Jassim Al Thani said in a statement as quoted on Al Jazeera's website.
"By acquiring Current TV, Al Jazeera will significantly expand our existing distribution footprint in the US, as well as increase our news gathering and reporting efforts in America."
Set up by former vice president Al Gore seven years ago, Current TV is available to some 60 million homes with cable or satellite television in the US.
Al Jazeera plans to establish a US-based news channel, Al Jazeera America, to be headquartered in New York City. It plans to open additional offices at key US locations in addition to its existing news bureaus in New York, Washington, Los Angeles, Miami and Chicago.
Though Al Jazeera did not disclose the purchase price, but the New York Times reported citing people with direct knowledge of the deal that it was around $500 million, with $100 million paid out to Gore who owned 20 percent of Current.
A group of major American business organisations and advocacy groups on Tuesday launched a new alliance against what they allege as India's "discriminatory" economic policies, including intellectual property issues, which they claim hurt US jobs and economy.
IMF has lowered its forecast of Russian GDP growth in 2013 from 3.4 percent to 2.5 percent, head of the IMF mission said.
Malaysian budget carrier AirAsia formally announced the appointment of Subramanian Ramadorai as its non-executive chairman of India operations.
As India's tech hub and Bangalore will get more funds in the new budget for this fiscal (2013-14) to meet its infrastructure needs, Karnataka Chief Minister Siddaramaiah said Tuesday.
Higher prices of foodstuff such as cereals and vegetables continue to put pressure on India's overall inflation rate, the Reserve Bank of India (RBI) said Monday.
Reserve Bank today kept the key interest rates unchanged citing elevated food inflation, rupee depreciation and uncertainty over foreign fund inflows
KTS announced a 10.50 per cent hike in bus fares to mop up an additional Rs 186.72 crore annually.