Gore-Backed Current TV Pulls Plug On IPO
This story was written by Joseph Tartakoff.
Al Gore's Current Media has canceled plans for a $100 million IPO. In a filing with the Securities and Exchange Commission, Current Media says it has withdrawn its registration "in light of current market conditions." When the company initially filed for the IPO last January, it said it would use proceeds to pay down debt and fund general operations. Since then, the market has tanked, and Current Media has run into a bit of a rough spot, eliminating 60 positions in November. The company last reported results a year ago, posting a net loss of $7.5 million for the first three months of 2008, compared to a loss of $2.9 million during the same period the year before.
By Joseph Tartakoff