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MUMBAI: Dow Jones & Company has announced it is ending its
international partnership with CNBC. The company, however, has no
plans to alter the Dow Jones and CNBC licensing relationship in
the US.
Dow Jones has entered into a definitive agreement with NBC Universal
to transfer its 50 per cent equity interests in both CNBC Europe
and CNBC Asia (CNBC International), as well as its 25 per cent interest
in CNBC World, to NBC Universal as of 31 December, 2005 for nominal
consideration, informs a media release.
CNBC will assume full control of the CNBC International channels,
its parent NBC Universal simultaneously announced. CNBC will acquire
sole ownership of CNBC Europe and the domestic digital service,
CNBC World subject to obtaining the necessary regulatory and legal
approvals.
CNBC and Dow Jones have operated CNBC Europe and CNBC Asia Pacific
as equal partners and Dow Jones currently has a 25 per cent interest
in CNBC World.
Dow Jone chairman and chief executive officer Peter R Kann said:
"We value our long and profitable relationship with CNBC. At
CNBC US, we look forward to continuing it under our existing US
license agreement. At CNBC International and World, we and NBC Universal
have agreed for Dow Jones to exit the partnership to eliminate our
share for business reasons and simplify NBC Universal's ability
to deploy its assets to continue to grow these operations. We look
forward to supporting NBC Universal's efforts."
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