I didn’t know that Current TV, Al Gore’s media venture, was planning an IPO. But appatently they did and have come to their senses and cancelled their IPO plans.
Current Media
, the media company backed by former Vice President Al Gore, has cancelled the $100 million IPO that it originally announced in January 2008.
The media company is best known for cable channel Current TV, which is broadcast internationally to 59 million homes with markets in regions including the United States, Italy, and the UK. Current also has a strong web presence, tapping into popular social media services like Digg and Twitter for special events like the 2008 presidential election.
The network’s social media efforts during the election were deemed a success by the company, but it was still hit by layoffs in November, when it said that the IPO was being “put on hold”. Current says that there have have been no further layoffs since then, and that the direction of the company has not changed.
It would have been crazy for them to try to go public in this market even with Al Gore’s brand behind them.