Japanese broadcaster Television Tokyo Channel 12 Ltd. (TV Tokyo) said Monday it has formed a strategic alliance with U.S. business news broadcaster CNBC.
Under the alliance, CNBC Asia Pacific, a joint venture of U.S. broadcaster NBC and U.S. publisher Dow Jones & Co., and GE Equity, the private equity arm of U.S. conglomerate General Electric Co., will together spend close to $15 million to take a stake of about 3 percent in TV Tokyo, CNBC Asia said. NBC and CNBC are GE group firms.
The deal marks the first time a U.S. television network has made an investment in a major Japanese broadcasting company, CNBC Asia said in a press release.
As a result of the transaction, TV Tokyo and CNBC will strengthen cooperation in such fields as news coverage, use of video data and production of business news programs, TV Tokyo said.
TV Tokyo President Sadahiko Sugaya told a news conference that the two firms will work out the details of their cooperation within six months.