Date:06/07/2004 URL: http://www.thehindu.com/2004/07/06/stories/2004070602471400.htm

International

Al-Jazeera woos investors

By Julia Finch

LONDON, JULY 5. The state-sponsored Arabic news channel Al-Jazeera is planning to become a private company and considering a stock market listing.

The Qatar-based broadcaster, which has aired exclusive footage of the Al-Qaeda leader, Osama bin Laden, and won millions of new viewers with its coverage of the Iraq war, is looking for outside investors ahead of a possible flotation.

``In two to three years, our shares will be introduced at the stock market in Doha,'' the satellite broadcaster's chief news editor, Ahmed El Sheikh, told the German business daily Handelsblatt. Last night, a spokesman for Al-Jazeera confirmed a change of ownership was likely. Jihad Ballout said: ``The board of directors have commissioned a specialist outfit to do a feasibility study about going private. It is possible there could be a flotation. We are still awaiting the results.''

Al-Jazeera, which has some 40 million viewers and operates more than 30 bureaux worldwide, is currently a loss-making business, but Mr. Ballout said the company wanted to become profitable. He said it was ``common business sense'' to call in consultants to consider future options.

Al-Jazeera was set up as an Arab language news channel in 1996 and has since expanded rapidly. In 2002, its Arab language website claimed to have received 811 million hits.

It claims to be free from the shackles of censorship and government control. Having launched a sports channel, it is now planning a documentary channel within the next three to four months and an English language channel. Next year, it will launch a specialist children's channel.

Western politicians and commentators have criticised Al-Jazeera for peddling propaganda and for its populist approach to serious political issues. Last week, the BBC World Service said it was considering a new 24-hour Arab language TV station to compete with Al-Jazeera.

The project, which is non-commercial, would cost an initial Ł28 millions a year and would have Foreign Office funding. It would be based in London with a network of correspondents throughout West Asia. The station would be modelled on BBC World and have news, documentaries and discussion programmes. The U.S. already has its own Arab language news channel in West Asia. —