Set up by former vice president Al Gore seven years ago, Current TV is available to some 60 million homes with cable or satellite television in the US.
Al Jazeera plans to establish a US-based news channel, Al Jazeera America, to be headquartered in New York City. It plans to open additional offices at key US locations in addition to its existing news bureaus in New York, Washington, Los Angeles, Miami and Chicago.
Though Al Jazeera did not disclose the purchase price, but sources said that it was around $500 million, with $100 million paid out to Gore, who owned 20 percent of Current.
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