Posted on 04/15/2009 8:46:54 PM PDT by dsrtsage
SAN FRANCISCO (MarketWatch) - Current Media Inc., the television and Internet firm co-founded by Al Gore with the intention of "democratizing media," has shelved plans for an initial public offering of its stock. San Francisco-based Current said in a public filing on Friday that it has requested the withdrawal of an IPO registration statement initially filed in January of 2008. "In light of current market conditions, the registrant has determined not to proceed at this time with the public offering," the filing read. In its IPO registration filing, updated in May of last year, "participatory media company" Current said its revenue is derived from affiliate fees from the likes of Comcast Corp. (CMCSAcomcast corp new cl a News , chart , profile , more Delayed quote dataAdd to portfolio Analyst Create alert Insider Discuss Financials Sponsored by: CMCSA) , while a much smaller portion comes from advertising fees from firms including General Electric Co. (GEGeneral Electric Co News , chart , profile , more Delayed quote dataAdd to portfolio Analyst Create alert Insider Discuss Financials Sponsored by: GE) According to the registration filing, Current had $17 million in revenue and a net loss of $5.7 million for the three months ended in March, 2008, and was available in roughly 56 million subscriber households. The company also said it intended to use proceeds of the IPO to help repay $43 million in debt and for general purposes.
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I guess the world was “cooling” to his proposal.
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