Plans to launch a television news network a la francaise took another step forward Thursday with the news that one of the country’s leading private radio stations, Europe 1, is looking to invest in the project.

The all-news operation, which was first floated as an idea by TF1 president Patrick le Lay at the 1992 Mipcom TV market, is destined to be beamed intoFrance via satellite.

TF1 veepee Etienne Mougeotte said Thursday that Europe 1, France’s second largest radio station, has expressed a desire to take a stake in the new web.

Mougeotte, who worked at the radio station and who brought many of its execs over to TF1 following the network’s privatization in 1987, described Europe 1 as a “solid and interesting partner.” In particular, the radio station would bring a well-established network of local correspondents to the project.

Details of the news network have been sketchy, but the annual budget has been set not to exceed 200 million francs ($ 35 million).

Discussions are said to be continuing between TF1 and pay TV Canal Plus over the possibility of the pay TV giant coming on board. TF1 is also talking with the BBC, CBS and CNN about using part of their news coverage.