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CNBC To Assume Control Of Overseas Channels; Dow Jones To Exit International Television Partnership

“CNBC will assume control of the CNBC International channels,” Dow Jones and NBC Universal announced early this morning. Dow Jones & Company has agreed to transfer its 50% equity interests in both CNBC Europe and CNBC Asia, as well as its 25% interest in CNBC World, to NBC Universal as of December 31, 2005.

“CNBC will acquire sole ownership of CNBC Europe and the domestic digital service, CNBC World on December 31, 2005, subject to any necessary regulatory or legal approvals,” NBC’s press release said. “The transfer of ownership in CNBC Asia Pacific is likewise subject to regulatory and legal approvals, and to the mutually satisfactory resolution of certain structural matters between now and December 31, 2005.”

Quotes from presidents of CNBC and Dow Jones after the jump…




> Pamela Thomas-Graham, CNBC Chairman: “CNBC’s international strength has been a hallmark of the CNBC brand. We will continue to build the brand’s global strength and to look for additional opportunities for expansion wherever we can.”

> Mark Hoffman, CNBC President: “Operating internationally since 1998, CNBC has built a leading global business news network. Acquiring sole ownership reinforces our commitment to that vision and gives us the opportunity to further develop and grow the CNBC product and brand globally.”

> Peter R. Kann, chairman and chief executive officer of Dow Jones: “We value our long and profitable relationship with CNBC. At CNBC U.S., we look forward to continuing it under our existing U.S. 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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