The founder of one of America’s largest regional news networks is to launch a website dedicated to international news.

Philip Balboni, who established the New England Cable News (NECN) in the US, will resign from his post as NECN president in March to launch Global News Enterprises in early 2009.

The site aims to have correspondents in nearly 70 countries, a press release from NECN said.

According to a report in the International Herald Tribune, $7 million (around £3.5 million) has been raised to fund the news site.

“The world in every respect is globalizing, and we’re being swept up in it with the economy, our lives, our leisure times, our children’s education. And the American people are not being well-served by our media. The moment is right for this,” Balboni told the Tribune.