Current Media Scraps Its Public Offering
Youth-Oriented News Network Planned to Raise $100 Million Through Sale
by Mike Farrell -- Multichannel News, 4/20/2009 2:00:00 AM
In a not unexpected move, Current Media, the youth-oriented cable-news channel spearheaded by former Vice President Al Gore, has scrapped plans for its $100 million initial public offering.
In a terse filing with the Securities and Exchange Commission on April 10, Current said it was withdrawing plans for the IPO “in light of current market conditions.”
About three IPOs have gone ahead as scheduled this year — Chinese online game company Changyou.com, baby-formula giant Mead-Johnson Nutrition and post-secondary education service provider Bridgeport Education. Including Current, about 16 IPOs have been canceled this year, according to Reuters.
Current launched in 2005 in about 19 million homes and is now available in about 59 million homes in the U.S., Britain and Ireland.
Gore and media investor Joel Hyatt (Current’s CEO) created Current in 2004, purchasing NewsWorld International from Vivendi Universal for about $70 million.
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