Fourteen months ago, Al Gore’s Current Media was the darling of the media world. The company, which currently operates a cable station reaching 50 million homes and a Web site targeting the youths, filed for a $100 million IPO.
Since that time, Bjorn Lomborg proved Gore’s Inconvenient Truth wasn’t exactly true and the fortunes of the former vice president’s company have fallen on hard times as well. First, it laid off 60 (with 30 new positions created) and now the IPO has been scuppered.
According to AFP, Current Media wrote the following in a statement on Friday: “In light of current market conditions, the registrant has determined not to proceed at this time with the public offering. All activity regarding the proposed public offering has been discontinued.”
That is inconvenient indeed.