Al Gore's Current Media to float on stock market

by Jacquie Bowser, Brand Republic 29-Jan-08, 11:10

LONDON - Current Media, the TV network co-founded by former US Vice-President Al Gore, which features user-generated content, plans to file for an initial public offering on the stock market, which could raise up to $100m (£50.3m).

Current TV said it would use the planned flotation to repay debts and fund expansion, according to a filing with the US Secruities and Exchange Commission.

Current TV was launched in August 2005 and is broadcast in the US, and on Sky and Virgin Media in the UK and Ireland. It is aimed at viewers aged 18-34 and features a combination of professional and user-generated short video shows, typically under 15 minutes in length.

The network encourages web users to submit news video and commentary, by creating postings on topics and uploading photos, animation, embedded YouTube videos, cartoons, text comments and webcam responses.

Some of the programming available on the channel includes an exclusive airing of Radiohead's 'Scotch Mist' -- an hour-long private taping where the band performs all of the tracks from their newest album, 'In Rainbows'.

Another features DJ Loli, a former TV personality turned star DJ, showing how she keeps "the dance floor jumping".

Current Media said it made a net loss of $9.9m in 2007, compared with a $7.6m loss in 2006. As of December 31 last year it had an accumulated debt of $31.9m.

The company did not say how many of the 200m Class A shares will be sold, or their expected price.

However, all shares of Class B stock, which control the company, will be held by executive chairman Gore, and co-founder Joel Hyatt, a Democratic Party contributor and lawyer.

Current did not detail Gore or Hyatt's equity stake after the public offering of Class A stock, but praised their role in the business and said they should hold a substantial share.

Gore's pay packet totalled about $1.05m in 2007 including salary and bonuses, while Hyatt was paid about $1.04m.

The company said it took most of its revenues, totalling more than $63m last year, from "affiliate fees" paid by cable and satellite companies to carry its television content. Its second highest income was from advertising.