Al Jazeera Media Network has acquired U.S. cable channel Current TV, bringing the Middle Eastern company into closer competition with American news channels, including Time Warner Inc.’s (NYSE: TWX) CNN and News Corp.’s (Nasdaq: NWSA) Fox.

The Qatar-based network said on Thursday, Jan. 3, that the deal will result in the creation of Al Jazeera America, a U.S. news channel based in New York. Al Jazeera’s coverage will soon be available in more than 40 million U.S. households, up from 4.7 million prior to the transaction.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.