×
You will be redirected back to your article in seconds

NBC Invests $30 Million in Euronews, Paves Way for EuronewsNBC

NBC’s news division has acquired a 25% stake in European news network Euronews, in a deal that will close this week and that will see the creation of a new EuronewsNBC brand bearing the American broadcaster’s famous peacock.

The two companies have been in talks since late last year and have agreed to a deal under which NBC News will pay $30 million for its share in the France-based news channel.

Euronews CEO Michael Peters said industry consolidation and the emergence of well-funded state-backed news operations such as Al Jazeera, France 24, Russia Today, and TRT World meant that Euronews had to examine its business. The company runs at a loss but expects to break even in 2020.

“This is one of the most creative partnerships made in the last decade in the media industry,” he said of the deal with NBC. “We have seen a concentration of media investment and have had to review our business model and the way we offer [news] to consumers.”

Aligning the two news organizations will allow the Euronews to recruit more journalists, have a larger footprint, and add to its staff in Brussels and other critical locations, the partners said.

NBC has invested in BuzzFeed, Vox Media, and Snapchat, all of which have news-aggregating and -reporting functionality.

Deborah Turness will oversee the EuronewsNBC partnership from the NBC side. She is president of NBC News International, having moved from president of the wider NBC news operation earlier this year. Turness said the Euronews deal meant NBC was adding to its domestic strength in the U.S., where it has MSNBC and NBC network news operations.

“We have spent some time looking to extend the brand and grow internationally,” she said. “We looked at various options, but there was no other news organization that could offer the scale and depth that Euronews has.

“We see the opportunity as unique. There is no direct competitor. We don’t see another news channel investing in Europe and Europe’s news story.”

Media Globe Networks, run by the billionaire Egyptian Sawiris family, remains the largest single shareholder in Euronews with a 60% stake. A group of public broadcaster and European state bodies will hold 15% and retain their position on the editorial board.

Headquartered in Lyon, France, Euronews employs about 500 journalists and reaches 434 million homes. The combined operation will see NBC News reporters contribute to Euronews’ U.S. coverage and Euronews editorial staff feed into NBC News’ reporting on Europe, which Turness said was vital at this time of upheaval.

“There hasn’t been a better moment to invest in telling Europe’s story,” she said. “Every day there are new developments and jeopardy.”

More TV

  • Hong Kong's TVB Boosts OTT Plans,

    Hong Kong's TVB Boosts OTT Plans, Sets 'Court Lady'

    Hong Kong’s Television Broadcasts is set to boost its OTT platforms locally and abroad with new packages and initiatives targeting the Southeast Asian market. The city’s biggest broadcaster has also renewed its partnership with China’s Huanyu Entertainment following the wild success the two enjoyed last year with palace drama “Story of Yanxi Palace.” The new [...]

  • The Late Show with Stephen Colbert

    Stephen Colbert Cancels 'Late Show' New Zealand Trip After Mosque Shootings

    “The Late Show with Stephen Colbert” had been scheduled to make a surprise trip to New Zealand this week — but those plans have been put on hold in light of last Friday’s terrorist attack that left 50 people dead. On Monday’s show, Colbert revealed the now-shelved trip, which had been kept under wraps but [...]

  • WGA Agents Contract Tug of War

    Hollywood Agents, Writers Guild Make Little Progress in Talks

    Leaders of Hollywood agencies and the Writers Guild of America made little progress in Tuesday meeting to negotiate proposed rule revisions to how agents represent writers. The WGA said after the meeting — the fifth since Feb. 5 — that talks would resume later this week but did not give a specific day. “The Agencies [...]

  • THE MASKED SINGER: L-R: Monster (T-Pain)

    New-Model Murdochs: Fox Corporation to Emerge Tuesday

    A new era for the Murdoch clan and the media business begins with the debut of Fox Corporation on Tuesday, a day before Disney completes its acquisition of 21st Century Fox. The new-model Fox will begin trading Tuesday on the NASDAQ under the FOXA symbol. On Tuesday, 21st Century Fox will initiate a complex transfer [...]

  • Chilling Adventures of Sabrina

    TV News Roundup: Netflix Drops 'The Chilling Adventures of Sabrina: Part 2' Trailer (Watch)

    In today’s TV roundup, Netflix has dropped the first trailer for “The Chilling Adventures of Sabrina: Part 2” starring Kiernan Shipka, and former “O.C.” star Rachel Bilson has been cast in Fox’s drama pilot “Lovestruck.” CASTING Former “O.C.” star Rachel Bilson is set to play the female lead in Fox’s new drama pilot “Lovestruck.” The [...]

  • Ron Howard and Brian Grazer

    Imagine TV Sets 'Mindscaping' as First China Series (EXCLUSIVE)

    Imagine Television is developing “Mindscaping,” a 24-episode science fiction series written by Oscar Yang (“Medical Examiner Dr. Qin,” “The Ten Deadly Sins”). The series is the first Chinese-language series developed by Imagine Television, part of Brian Grazer and Ron Howard’s Imagine Entertainment group, for a Chinese audience. The show is pitched as an original sci-fi [...]

More From Our Brands

Access exclusive content