January 03, 2013 03:08:49 GMT
Current TV's co-founders Al Gore and Joel Hyatt are 'proud and pleased' by the takeover, while Time Warner Cable says it has terminated its carriage agreement with the cable news channel.
Al Jazeera has completed the purchase of Current TV. On Wednesday, January 2, Al Gore and Joel Hyatt who co-founded the media company said in a statement, "We are proud and pleased that Al Jazeera, the award-winning international news organization, has bought Current TV."
"Current Media was built based on a few key goals: To give voice to those who are not typically heard; to speak truth to power; to provide independent and diverse points of view; and to tell the stories that no one else is telling," they continued. "Al Jazeera, like Current, believes that facts and truth lead to a better understanding of the world."
Terms of purchase were not disclosed, but research firm SNL Kagan predicts Current TV might be sold at $400 million tag. Qatar-based media company Al Jazeera plans to create a new channel based in New York called Al Jazeera America. It will produce 60% of the programming in the U.S., while the remaining 40% will come from Al Jazeera English.
Unfortunately, Time Warner Cable's subscribers won't be able to see what changes brought by Al Jazeera through the acquisition. The cable carrier announced, "Our agreement with Current has been terminated and we will no longer be carrying the service. We are removing the service as quickly as possible." Serving close to 12 million customers nationwide, TWC was among Current's biggest carriers.
Other cable operators are reportedly also considering to drop the channel.