On January 2, 2013, Al Jazeera Media Network announced that it had purchased Current Media, LLC and would be closing down the Current TV channel while launching and integrating the remains of Current into a new American news channel titled Al Jazeera America using its distribution network. Prior to the sale, it was believed that Al Gore and Joel Hyatt each owned approximately twenty percent of Current Media, business magnate Ronald Burkle owned about twenty-five percent, and Comcast and DirecTV each owned more than five percent. The terms of the deal were undisclosed. According to "Forbes" and "The New York Times", the purchase was about US$500 million. The purchase by Al Jazeera occurred after an attempt by TheBlaze to purchase the media company was rejected in 2012.