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GNN?
Al Gore and Partners to Buy Cable Network
By J. Max Robins
It appears former Vice President Al Gore is about to make his dream of a liberal cable news network a reality.
According to sources close to negotiations, Gore is part of a group of investors who have reached agreement with Vivendi Universal to buy Newsworld International (NWI), a cable channel that reaches less than 20 million homes. The plan is to convert NWI into a progressive news and informational channel that would counter-balance the perceived conservatism of cable news leader Fox News Channel. The deal could be announced as early as today.
The price tag on the deal has been placed around $70 million. A key backer of the project is former Democratic National Convention finance co-chairman Joel Hyatt, co-founder of Hyatt Legal Services. Investment banker Steven Rattner, head of the Quadrangle Group, also a prominent Democratic fundraiser, is involved with the deal, as well.
The buyers have yet to announce a management team.
The Gore group's deal to purchase NWI is separate from NBC's soon-to-be completed deal with Vivendi Universal to buy its other entertainment properties, including Universal Studios, USA Network, the Sci Fi Channel and TRIO.
GNN?
Al Gore and Partners to Buy Cable Network
By J. Max Robins
It appears former Vice President Al Gore is about to make his dream of a liberal cable news network a reality.
According to sources close to negotiations, Gore is part of a group of investors who have reached agreement with Vivendi Universal to buy Newsworld International (NWI), a cable channel that reaches less than 20 million homes. The plan is to convert NWI into a progressive news and informational channel that would counter-balance the perceived conservatism of cable news leader Fox News Channel. The deal could be announced as early as today.
The price tag on the deal has been placed around $70 million. A key backer of the project is former Democratic National Convention finance co-chairman Joel Hyatt, co-founder of Hyatt Legal Services. Investment banker Steven Rattner, head of the Quadrangle Group, also a prominent Democratic fundraiser, is involved with the deal, as well.
The buyers have yet to announce a management team.
The Gore group's deal to purchase NWI is separate from NBC's soon-to-be completed deal with Vivendi Universal to buy its other entertainment properties, including Universal Studios, USA Network, the Sci Fi Channel and TRIO.
