CBS News and BBC News are teaming in a new editorial and newsgathering relationship that the partners say will “significantly enhance the global reporting capabilities” of both. The arrangement replaces the BBC’s current deal with ABC News and comes following NBC News’ acquisition of a 25% stake in European broadcaster Euronews as outlets seek to extend their global reach.

Under the CBS/BBC deal, which begins immediately, the organizations will share video, editorial content and additional resources in New York, London, Washington and around the world. The tie-up will also give the broadcasters better efficiency to increase the content of their world events coverage.

The announcement was made by CBS News President David Rhodes and BBC Director of News and Current Affairs James Harding.

“There’s never been a more important time for smart, courageous coverage of what’s happening in the world,” said Harding. “This new partnership between the BBC and CBS News is designed to bring our audiences — wherever you live, whatever your point of view — news that is reliable, original and illuminating. Our ambition is to deliver the best in international reporting on television.”

CBS and the BBC have a long history, with a relationship that dates back to the early days of TV and radio news. Legendary journalist Edward R. Murrow delivered many of his famed reports from Studio B4 at BBC’s London headquarters. Murrow kept a BBC microphone he used covering World War II in his New York office.

Harding said the BBC’s relationship with ABC “has been long and fruitful. We have worked side by side on some of the most significant stories of our time on both sides of the Atlantic, from the attack on the Twin Towers to the wedding of the Duke and Duchess of Cambridge. We wish ABC well and would like to thank them for many years of hard work and expertise.”