Vivendi sells cable TV channel to Al Gore

5th May 2004, Comments 0 comments

NEW ORLEANS, Louisiana, May 4 (AFP) - A new media company co-founded by former US vice president Al Gore announced Tuesday it had bought a 24-hour news channel from French giant Vivendi Universal.

NEW ORLEANS, Louisiana, May 4 (AFP) - A new media company co-founded by former US vice president Al Gore announced Tuesday it had bought a 24-hour news channel from French giant Vivendi Universal.

INdTV Holdings, created by Gore and entrepreneur Joel Hyatt, purchased Newsworld International (NWI) for an undisclosed sum, the company said in a statement.

"We are launching an exciting television network for young men and women who want to know more about their world and who enjoy real-life stories created with, by and for their own generation," Gore said in a statement.

The former vice president during Bill Clinton's administration planned to devote "the lion's share" of his time to the venture as its chairman, the company said.

"We want to empower this dynamic generation with a network dedicated to them that has integrity and a commitment to excellence. This will not be a political network," Gore said.

"These stories will be in a voice that young people recognize and from a point of view they identify as their own."

NWI is a 24-hour channel dedicated to global news produced by The Canadian Broadcasting Corporation. After the acquisition, programming would still come from the Canadian broadcaster, Gore said.

NWI was distributed to about 17 million cable subscribers in the United States, INdTV said.

The acquisition was financed by "leading equity capital firms," and individual investors including "successful entrepreneurs and media pioneers", INdTV said in a statement.

Among key INdTV staff, Hyatt is the the chief executive and Mark Goldman, formerly the head of News Corp. satellite venture in Latin America, is the chief operating officer. Apple Computer chief executive Steve Jobs is a member of the INdTV advisory board.

Hyatt founded Hyatt Legal Services, billed as a low-cost service that attracted some three million clients and was later acquired by Metropolitan Life Insurance Co.

© AFP

Subject: French news

 

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