Al Gore's Current Media abandons plans for NYSE listing

LONDON - Plans to list former US Presidential candidate Al Gore's youth television network Current Media on the New York Stock Exchange have been cancelled.

Current TV: has lost money since its 2005 launch
Current TV: has lost money since its 2005 launch

Current Media, broadcaster of the user-generated TV channel Current TV, has said it has decided not to proceed with its public offering "in light of current market conditions".

The company added that no securities had been sold and all activity regarding the proposed public offering had been "discontinued".

Current Media registered its intention to go public on 28 January, 2008. There were indications its fortunes had changed in November last year when it announced plans to make 30 staff redundant.

According to reports, Current TV's most recent regulatory filing showed the company has lost money each year since its launch in August 2005.

It is not known whether Current Media will go public at a later date.

Current Media claims Current TV is watched in more than 51 million households in the USA and UK, where it is distributed by Sky and Virgin Media.

Gore served four terms in the US House of Representatives and two in the Senate. He served as vice-president to Bill Clinton and was defeated by George Bush in the disputed 2000 presidential election. He has since become well known for his environmental activism.

Have your say...

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Media Week Jobs
Search for more media jobs

Latest

Campaign Big Awards: video

Campaign Big Awards: video

Abbott Mead Vickers BBDO's Ian Pearman and Forsman & Bodenfors' Björn Engström reflect on a successful night at the Campaign Big Awards on Wednesday evening.

Share
GMG chief Andrew Miller calls on 'dominant' BBC to share content with competitors

GMG chief Andrew Miller calls on 'dominant' BBC to share content with competitors

Andrew Miller, the chief executive of Guardian Media Group, has urged the BBC to allow newspapers access to raw news feeds and to tap into its back catalogue.

Share
Media Week Awards 2014 celebrates outstanding talent and creativity

Media Week Awards 2014 celebrates outstanding talent and creativity

The UK's vibrant commercial media sector celebrated the year's best work at the Media Week Awards last night, attended by 1,400 executives from agencies, media owners, advertisers and production companies.

Share

Get news by email