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Gore TV Deal Is Stalled At The 11th Hour; Major Investor Pulls Out
New York Observer ^ | 4/2/04 | Joe Hagan

Posted on 04/02/2004 5:55:57 PM PST by rattrap

The Observer has learned that the deal for former Vice President Al Gore and his business partner Joel Hyatt to acquire digital-cable channel Newsworld International (NWI) has hit a major obstacle and may have fallen through in the 11th hour of negotiations.

Sources familiar with the situation said that one of Mr. Gore's crucial investors got cold feet in the last stage of the deal and that Mr. Gore's group and the channel's owner, Vivendi Universal Entertainment, could not agree on a price.

Mr. Gore's group was said to be paying around $70 million for Newsworld.

Reached for comment, and asked if the deal had died, Mr. Hyatt initially said, "No," but then added, "No comment. It's always been no comment. We never talked about this deal, never. When we're at liberty to talk, I very much look forward do doing so."

A spokeswoman for Vivendi Universal said, "Things are still in flux, but it hasn't been officially declared over."

Sources close to Mr. Gore told The Observer that the capital raised by Mr. Gore and Mr. Hyatt had come from dozens of investors, with a mix of individual, venture capital and investment banking money. It is not clear which investor pulled out of the deal.

If the deal should fall apart completely, NWI would become part of the Universal Entertainment properties currently being sold to NBC, sources said. It's not clear if NBC would be interested in a digital cable property, especially considering that it already owns news channels MSNBC and CNBC.

It could still be possible, in theory, for NBC to sell Newsworld to Mr. Gore 's group once its own deal is cleared. Spokespersons for NBC could not be reached for comment.

NWI has carriage in about 20 million homes, and packages "foreign newscasts originally broadcast in countries such as Germany, Japan, Canada and the European community," according to its Web site. Mr. Gore's group has had plans of transforming the channel into a 24-hour news, documentary and public-affairs channel geared toward kids in their 20's.

The deal for Mr. Gore and Mr. Hyatt to buy Newsworld International has been nearly a year in the making. It was initially stalled in the fall of 2003 by Vivendi Universal's sale of its cable assets to NBC. Later, Barry Diller, former Newsworld owner and chief executive of InterActive Corp., held up the deal while he resolved his own ownership issues. A source close to Mr. Diller told the Observer that Mr. Diller had cleared the way for Mr. Gore to acquire the company about three weeks ago.


TOPICS: Breaking News; News/Current Events; Politics/Elections
KEYWORDS: algore; bust; goretv; joelhyatt; tv
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lol, realized he might as well use the money to light cigars.
1 posted on 04/02/2004 5:55:59 PM PST by rattrap
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To: rattrap
Algore invented pulling out.
2 posted on 04/02/2004 5:56:46 PM PST by BenLurkin
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To: rattrap

3 posted on 04/02/2004 5:56:55 PM PST by ChadGore (Mach 7 !)
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To: All
Stick it to Soros!


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4 posted on 04/02/2004 5:58:11 PM PST by Support Free Republic (I'd rather be sleeping. Let's get this over with so I can go back to sleep!)
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To: vikingchick
"a 24-hour news, documentary and public-affairs channel geared toward kids in their 20's"

I hear Daisy Fuentes is available..... ;)

5 posted on 04/02/2004 5:59:23 PM PST by BossLady (What do your choices cost you?)
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To: rattrap
Maybe it has something to do with the investor watch frankenfart fall on his fat face on "liberal radio"?
6 posted on 04/02/2004 5:59:45 PM PST by freeangel (freeangel)
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To: ChadGore
Ol' Al really missed his calling.

Dunno what, but he sure missed it.

7 posted on 04/02/2004 6:01:18 PM PST by skeeter
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To: freeangel
That was my first thought.
8 posted on 04/02/2004 6:01:28 PM PST by Rokke
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To: freeangel
astute observation, I wouldn't bet against you.
9 posted on 04/02/2004 6:01:31 PM PST by rattrap
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To: BenLurkin
Too bad he was still able to sire 4 children! Haw haw haw!
10 posted on 04/02/2004 6:02:21 PM PST by xrp
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To: rattrap
It is not clear which investor pulled out of the deal.




Lemme help you out here: it was the one with the $$$.
11 posted on 04/02/2004 6:03:31 PM PST by lodwick (Wake up, America!)
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To: rattrap
Is it true that Gore planned to put up a satellite to take a continuous picture of the earth, and put it on his TV channel - 24/7?
12 posted on 04/02/2004 6:06:38 PM PST by jackbill
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To: skeeter
Ol' Al really missed his calling.

Can anyone explain why a bit over 50% of the voters in this country (alive and dead) voted for this idiot?

13 posted on 04/02/2004 6:08:31 PM PST by jackbill
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To: rattrap
Wow, algore gives himself the algore kiss of death. Impressive.
14 posted on 04/02/2004 6:08:59 PM PST by small voice in the wilderness (Quick, act casual. If they sense scorn and ridicule, they'll flee..)
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To: rattrap
"Major Investor Pulls Out"

Which lumberyard was that?

15 posted on 04/02/2004 6:09:55 PM PST by DannyTN
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To: BossLady
Daisy Fuentes is a lovely Cubana woman and a pretty tough, uncompromising conservative. I met her years ago through common friends and was 1. impressed with her looks and 2. impressed with her politics.

I love Daisy!
16 posted on 04/02/2004 6:11:49 PM PST by HitmanLV (I will not be pushed, filed, stamped, indexed, briefed, debriefed or numbered. My life is my own.)
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To: rattrap
I guess even stupid liberals have their limits.

I guess it is time for Albore to INVENT a backer.
17 posted on 04/02/2004 6:12:41 PM PST by AlexW
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To: rattrap
Is George Soros involved in this?
18 posted on 04/02/2004 6:12:56 PM PST by kcvl
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To: rattrap
I'm Joel Hyatt ,Howard Metzenbaum's sorta goy lookin son-in- law and you have my word on it.
19 posted on 04/02/2004 6:14:04 PM PST by nkycincinnatikid
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To: HitmanNY
She is lovely....I have met her as well....however, she does do a lot of different types of news shows etc...for awhile there I saw here everywhere......that is what I was refering to....not her political views....
20 posted on 04/02/2004 6:14:17 PM PST by BossLady (What do your choices cost you?)
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To: jackbill
When did Al Gore get over 50% of the vote?
21 posted on 04/02/2004 6:14:29 PM PST by Guillermo (Your own personal Konservative Klick-Guerilla)
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To: rattrap
"Al Gore and his business partner Joel Hyatt..."

And who might Joel Hyatt be, you might ask. Try Howard Metzenbaum's son-in-law.
22 posted on 04/02/2004 6:15:15 PM PST by Loyal Buckeye ((Kerry is a flake))
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To: freeangel
I thought the same thing... Liberal radio is going to fail big time and frankly Americans aren't are far left as the leading liberals are...

23 posted on 04/02/2004 6:17:45 PM PST by ARA
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To: freeangel
*nod* I thought the same thing. Hardly far-fetched... if I bet the milk money on a liberal TV station, and then saw liberal radio fall flat on it's face, I'd be running like mad too.

Qwinn
24 posted on 04/02/2004 6:18:14 PM PST by Qwinn
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To: rattrap
In a new development, Gore is now claiming that, due to the confusing acquisition process, Newsworld International was inadverntently sold to Pat Buchanan.
25 posted on 04/02/2004 6:18:41 PM PST by GreenHornet
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To: ARA
Democrats survive only because they are able to mobilize thousands of buses to roam the ghettos on election day begging know-nothing registered voters to vote Democrat.
26 posted on 04/02/2004 6:19:11 PM PST by Guillermo (Your own personal Konservative Klick-Guerilla)
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To: BossLady
Cool. She would be a good choice though I am sure Gore & co don't want a hot blooded Cubana telling the truth about Castro, Communism, etc.

I think she was moderately vocal during the Elian Gonzales affair, though the most high profile Cuban-American celebrity was Andy Garcia. I don't think Daisy's conservative bent is very well known, though. When i met her I didn't expect it (wrongly figuring that almost everybody in entertainment must be hopelessly leftist) and I was pleased by that news!

Daisy gets my vote, though!
27 posted on 04/02/2004 6:20:47 PM PST by HitmanLV (I will not be pushed, filed, stamped, indexed, briefed, debriefed or numbered. My life is my own.)
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To: jackbill
Your question is also your answer.

Nobody can explain that.
Did it really happen?
Would any thinking person today really believe it actually happened?
Or was it just a media lie that became a truth?


28 posted on 04/02/2004 6:21:33 PM PST by sarasmom (Watching mainstream liberal media "news reports" will cause brain atrophy.)
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To: rattrap
Bump!
29 posted on 04/02/2004 6:22:52 PM PST by The Mayor (God's truth is the best protection against Satan's lies)
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To: rattrap
I think hearing how flat liberal radio was this weekend, made some investors who cared about their money really worried that they would never see any of it again and they bailed! Smart Move.
30 posted on 04/02/2004 6:23:28 PM PST by A CA Guy (God Bless America, God bless and keep safe our fighting men and women.)
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To: rattrap
....may have fallen through in the 11th hour of negotiations.

Excuse me while I leave the computer to cry for an hour or so.

31 posted on 04/02/2004 6:24:14 PM PST by expatpat
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To: HitmanNY
Now that I think about it....She is probably too calente for anything Gore would have on his station...hahaha. (I bet she could kick his metrosexual a$$!)
32 posted on 04/02/2004 6:25:48 PM PST by BossLady (What do your choices cost you?)
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To: BossLady
Caliente is the word! She can kick my macho (but good natured and in the hands of the right woman, obedient) Italian-American male a$$ anytime! Haha, I would only provide a token 'struggle.'

How did my friend Beetlejuice say it, "I'm feeling alll ANXIOUS now."

Haha! ;-)
33 posted on 04/02/2004 6:29:32 PM PST by HitmanLV (I will not be pushed, filed, stamped, indexed, briefed, debriefed or numbered. My life is my own.)
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To: rattrap
...one of Mr. Gore's crucial investors got cold feet...

I'm sure it had nothing to do with knowing just how much the product would suck...

34 posted on 04/02/2004 6:31:59 PM PST by Libloather (Please vote for Kerry before voting against him.)
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To: HitmanNY
OMG...I can hear it now...oh please stop....no.....ok.....I give..... ;)

"I'm feeling alll ANXIOUS now."

These immoral...er um....immortal words come to mind....'Put some ice on it'

35 posted on 04/02/2004 6:33:15 PM PST by BossLady (What do your choices cost you?)
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To: rattrap
He invented cable, you know....
36 posted on 04/02/2004 6:36:39 PM PST by clintonh8r (Vietnam veteran against John Kerry, proud to be a "crook" and a "liar.")
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To: Libloather


"Pity."

37 posted on 04/02/2004 6:37:20 PM PST by Howlin (I'm a monthy donor..........wouldn't you like to be a monthly donor, too?)
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To: BossLady
Hahah! Ice would slow me down for sure!!!

Then, after being 'iced' I would follow the Beetlejuice quote with the immortal excuse by one of my heroes in all of fiction, George Costanza. "There was....significant shrinkage!!!!"

Haha!
38 posted on 04/02/2004 6:38:32 PM PST by HitmanLV (I will not be pushed, filed, stamped, indexed, briefed, debriefed or numbered. My life is my own.)
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To: Howlin
So his funding source has gotten cold feet. How French of them. Cut and run at the first sign of trouble.
39 posted on 04/02/2004 6:40:09 PM PST by Peach
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To: Howlin
I told you he had foreign support for this venture:

Vivendi Universal develops the following activities:

Canal+ Group
Canal+ Group (a 100% Vivendi Universal subsidiary) is a major European player in the production and distribution of pay-TV channels and interactive services, the production and distribution of film and television programs and the marketing of sports rights.

SFR-Cegetel Group
SFR-Cegetel Group (a 56% Vivendi Universal subsidiary) is the France's second telecommunications operator and the only private French operator covering all telecommunications activities: mobile telephony through SFR and fixed-line telephony and the Internet through Cegetel.

40 posted on 04/02/2004 6:42:34 PM PST by Peach
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To: Howlin
Recount the money!
41 posted on 04/02/2004 6:50:18 PM PST by woofie ( 99% of lawyers give the rest a bad name.)
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To: freeangel
"Maybe it has something to do with the investor watch frankenfart fall on his fat face on "liberal radio"?"

Right on the money! You don't buy success - you earn it. There are always major up front costs and often the need to lose money for a while. But Rule #1: give the people what they want. Sure many libs would love to have a talk radio counterpunch but the demographics they are trying to get (18-35) are at this very moment playing video games, getting drunk or watching the boob tube. Conservative talk radio succeeded after a long incubation period because it filled a perspective-void. Liberal radio does not because they already have plenty of players in the game. TV, movies, education, heck, apparently the CIA. You can't create demand without a very long marketing strategy that, as I said before, will always run in the red for a long time. Franken, Gore etc. do not have the patience or the deep pockets (they are doing alright but not that good.)

42 posted on 04/02/2004 6:52:00 PM PST by torchthemummy (Florida 2000: There Would Have Been No 5-4 Without A 7-2)
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To: rattrap
Algore: always a bridesmaid...
43 posted on 04/02/2004 6:52:57 PM PST by Paul Atreides
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To: jackbill
Cause, its like I always say,
"The world is just eat up with dum asses."
44 posted on 04/02/2004 6:54:21 PM PST by DefCon
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To: Loyal Buckeye
Hasn't Hyatt been up on criminal charges involving real-estate fraud at least once?
45 posted on 04/02/2004 7:00:00 PM PST by ozzymandus
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To: rattrap
The investors probably listened to Ignorant Air America the past two days!
46 posted on 04/02/2004 7:07:25 PM PST by God luvs America (Howard Dean is a deranged lunatic!!)
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To: rattrap
The guy pulled out just in time. At least Al doesn't have to worry that he might be pregnant.
47 posted on 04/02/2004 7:07:36 PM PST by doug from upland (Don't wait until it is too late to stop Hillary -- do something today!)
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To: rattrap
Oh my, you mean a democrat like Gore is messing around with rich people investing in a business venture? Say it isn't so! /sarcasm
48 posted on 04/02/2004 7:09:48 PM PST by ladyinred (Monthly donors don't have to think! Become one now and veg out!)
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To: rattrap
Another sign that the liberal paradigm is dead and it's not coming back.
49 posted on 04/02/2004 7:34:21 PM PST by Semper Paratus
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To: rattrap
BWA HA HA HA HA HA HA HA HA HA HA HA HA!!
50 posted on 04/02/2004 7:34:29 PM PST by Recovering_Democrat (I'm so glad to no longer be associated with the Party of Dependence on Government!)
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