News nets suffer in Europe, Asia

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[lyon, france, and singapore] Thanks to an emergency-financing agreement, Euronews, a struggling multilingual pan-European news channel, will get enough money to continue broadcasting through June 2003, but the nine-year-old cable and satellite channel's failure to win ad revenue and viewers has put its future in jeopardy. Euronews loses about $3 million a year. The short-term bailout will let U.K. broadcaster ITN sell its 49% stake in Euronews. The remaining shareholders are a consortium of 19 European broadcasters. Euronews may be recast as a public-service broadcaster. Separately, CNBC Asia laid off 40 of its 175 staffers in Asia and Mark Froude, senior VP-advertising sales, has left. In September, CNBC Europe laid off 25 people in London.
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