Al-Jazeera pays $500M for Al Gore's Current TV
With its $500 million purchase of left-leaning Current TV, the Pan-Arab news channel Al-Jazeera will soon be seen in tens of millions of US homes. It's a steep price, but the acquisition helps the network in its aims to quickly spread its message to more Americans. The purchase will create a news channel called Al-Jazeera America, coming to American homes with a distinctly non-American view of the world.
It also amounts to a hefty payday for former Vice President Al Gore and cofounder Joel Hyatt, each of whom had 20 percent stakes in Current. (AP)
