Global News, the first U.S.-based website devoted entirely to international news, is slated to debut next year with correspondents in almost 70 countries. The brainchild of veteran journalist Phillip S. Balboni, the project is run by Boston-based Global News Enterprises LLC.

"There is a tremendous interest in what is happening in the world," Balboni said. "And the American people are not being well-served by our media. The moment is right for this."

Thus far over $7 million has been raised through private investors.  

Global News comes on the scene at the time when newspapers are devoting diminished resources to international news, primarily due to economic strains.

Global News intends to use wires to source breaking news, and will use on-the-ground correspondents for in-depth social, political, and economic content. The site will feature advertising supported free-content, as well as premium subscription-based content.

Sources: Boston.com through I Want Media, IHT