US broadcaster NBC Universal has bought a 25% share in Lyons-based Euronews for $30 million.
Talks between NBC and Euronews were first reported last November.
Deborah Turness, the US-based president of NBC News, will head the company’s international news operation. NBC hopes to better compete with CNN internationally.
The move is part of a broader reorganisation effort at NBC News, which is looking to compete internationally with rival network CNN.
The news comes on the same day that the European Commission signed a four-year agreement to continue funding the channel from 2018 until 2022. Euronews benefits from an estimated €25 million in annual funding from the EU.
Media Globe Networks, the company owned by the Egyptian Sawaris Family and managed by Naguib Sawaris, holds a 53% stake in Euronews. The remaining 47% of shares in Euronews is owned by its traditional shareholders, namely 21 public TV channels and three local authorities.
Quoting a source from the Euronews board, Satellifax report that the channel will be renamed Euronews NBC. It adds that the contract for the acquisition of the 25% stake will be signed at the end of March or early April.
Meanwhile, the agreement with the EC covers the period 2017-2020 and will grant Euronews funding of €24 million for this year.
This compares to €18 million in 2016 and the amount may change in following years.
