Gore's Money-losing Current TV to Go Public with $100M IPO
From yesterday's Financial Times:
Current Media, the online media company co-founded by Al Gore, the former US vice-president, on Monday said it planned to file for an initial public offering that could see it raise up to $100m.
Of course, it’s never made a profit and the vast majority of its revenue comes from cable companies paying it for the privilege of carrying Current (emphasis mine).:
Current said it took in more than $63m in revenues last year, an increase of 58 per cent from the year before, with most of the revenues coming from so-called “affiliate fees” paid by cable and satellite companies to carry Current’s television content. Advertising accounted for about $9.9m in sales last year.
Current, which was founded in 2002 but has yet to turn a profit, said its television broadcasts, which feature a combination of professional and user-generated content, reach more than 51m households in the US, UK and Ireland.
Current’s net loss last year was $9.7m, an increase over 2006, but less than the $14.2m loss it recorded in 2005.Paying up the nose with no return on investment to appease the green movement. Sounds a lot like carbon credits.