• Forbes, Tuesday, September 23, 2008 9:15 AM

Philip Balboni, chief of Boston-based Global News Enterprises, hopes to build the next great global news organization. The test version is slated for launch this fall, with a full-scale debut in January.

He's signed up 40 correspondents and five editors so far, including Politico's Barbara Martinez as a managing editor. Next he will line up reporters in Asia and Eastern Europe. His bait: the lure of ownership. None of the journalists will be full-time employees. Instead, they will get equity stakes (not stock options) and a five-year guarantee of about $1,000 a month.

Correspondents will report to regional editors, who will report to the 15-person news network.

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