U.S. Markets closed

News summary: Al-Jazeera buys Gore's Current TV

The Associated Press

CURRENT TV SALE: Pan-Arab news channel Al-Jazeera said it has bought Al Gore's Current TV, which will boost its reach in the U.S. nearly ninefold to 40 million homes.

AL-JAZEERA AMERICA: The Qatar-owned news network plans to relaunch Current TV as Al-Jazeera America, adding five to 10 new U.S. bureaus on top of the five it has now. More than half of its content will focus on U.S. news.

CARRIAGE HIT: Al-Jazeera has struggled to break into the U.S. market, and quickly on the heels of the announced purchase, Time Warner Cable said it was dropping the channel. Before the purchase, Current TV was in 60 million homes.