The company said on Wednesday it will "significantly" increase the number of reporters globally, open a newsgathering hub in the United Arab Emirates, create a London-based digital production unit and invest heavily in its in-house wire operations.
NEW YORK (Reuters) - Time Warner Inc's <TWX.N> CNN is planning its biggest expansion of international reporting resources in 27 years after it ended a deal with Reuters Group Plc <RTR.L>.
The company said on Wednesday it will "significantly" increase the number of reporters globally, open a newsgathering hub in the United Arab Emirates, create a London-based digital production unit and invest heavily in its in-house wire operations.
CNN said the investment was in the multimillion dollars. One source familiar with the matter told Reuters it was under $10 million.
The move came after CNN decided in August to stop using the Reuters news service, ending their 27-year relationship. Sources familiar with the matter at the time said Reuters had wanted to raise its rates from $3.5 million annually to under $10 million.
"This is all about owning more content," CNN International managing director Tony Maddox said in a statement. "Owning the content we broadcast, publish and make available to affiliates and other platforms is the backbone of this business."
(Reporting by Kenneth Li; Editing by Brian Moss)
