NBC to take stake in Euronews in global push
NBC news will be taking a reported 25 percent stake in Euronews in order for the news organization to establish a global reach
NBC News announced Tuesday it was 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 organization that matches our impact and reputation in the United States," said NBC News group chairman Andy Lack.
"We now have a fantastic opportunity to do just that, and to begin to write an exciting new chapter in he remarkable history of NBC News."
The NBC statement did not include financial details, but a source close to the matter said the stake in Euronews would amount to 25 percent.
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 organization and change the landscape of international news," 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 telecom and 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.
Turness, who previously worked at Britain's ITV News, "is perfectly positioned to make sure we seize this opportunity -- one that is unprecedented for any US broadcast entity," Lack said.
"She's driven the news division on big scoops and exclusives and considerably upped our game on covering international news. Her commitment to 'journalism with a capital J' can be seen in the many prestigious awards NBC News has won in the last few years."