Current TV Cancels IPO Due to Incovenient Truth of Economy

by Truemorist | April 13, 2009 at 12:47 pm

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Al Gore's new media baby, Current TV, will not be going public as had initially been planned.

Despite recent content successes with online, the progressive television network has lost money every year since its launch in 2005, and its parent company Current Media is wisely choosing to cancel plans for an initial public offering due to "current market conditions".

Realistically, until (and if) the advertising market picks up, it's hard to imagine the company being able to make a legitimate play for a mass audience, given its non-commercial content and lack of derivative reality programming.

They sure know how to get their own reporters arrested and how to produce snappy satirical pieces about Twitter though.

Current Media Inc, parent of Current TV, the youth-focused television network launched by former U.S. Vice President Al Gore, has withdrawn plans for an initial public offering.

In a letter on Friday advising U.S. securities regulators of its decision, the company cited "current market conditions." Only two IPOs have launched so far in 2009, while 16, including, Current Media, have been canceled.

"It's still early for a young company in this sector to be coming to market with a new issue at this point," said David Joyce, an analyst at Miller Tabak & Co.