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Dow Jones Exits CNBC International - Broadcasting & Cable

Dow Jones Exits CNBC International

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Unwilling to continue sharing in the venture's ongoing losses, Dow Jones is dumping its half of CNBC International, leaving partner NBC with 100% of the venture.

Having flubbed earlier efforts to get into business news nets, Dow Jones teamed with CNBC in 1998 for its CNBC Asia and CNBC Europe services when the finanical markets were roaring.

They later started a U.S. channel on international business, CNBC World. (Dow Jones only owns 25% of that one.)

But even after seven years, the ventures are losing money. Dow Jones' share of the losses is $17 million a year. Now NBC Universal will shoulder the $28 million or so in annual losses by itself.

Dow Jones says it received "normal consideration" for its stake, but wouldn't say what that was. The company did, however, take a $36.7 million charge to write off part of its investment in the channels.

Pamela Thomas-Graham, who was eased upstairs to oversee the troubled U.S. network, said in a statement: "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."

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