The international news giants, NBC and Dow Jones, announced their
long-awaited strategic alliance this week in an initiative that will
create a global media force.
The new joint venture is designed to capitalise on the broadcasting
infrastructure and news gathering strengths of the two players in a bid
to establish a lead in global TV business news.
The initiative will draw on the assets of NBC, including CNBC and the
partnership with Microsoft, MSNBC, as well as Dow Jones’s Wall Street
Journal, European Business News and Asian Business News.
In Europe, CNBC Europe and EBN will merge to form a single business
television channel, CNBC, which will be matched by a similar service in
Asia. In the US, CNBC will draw on Dow Jones’s editorial resources. Dow
Jones’s Wall Street Journal Interactive will also feature on the
existing MSNBC Internet site.
NBC will provide marketing, distribution and administrative services for
the venture. An international sales team will be headed by Stephen
Harvey, currently the advertising sales director of Dow Jones
International Marketing Services.
The sales operation will embrace airtime sales for both the Asian and
European TV services and will also co-ordinate sales packages across
CNBC channels and other group products including the Wall Street
The service will be available in nearly 15 million European homes on a
full-time basis and 50 million on a part-time basis from early next
year. The European headquarters will be in London.
Bob Wright, president of NBC, said: ’Both companies are committed to
international growth and appreciate the challenges of developing TV in
key global markets.’