Gore's Current files IPO to fund growth
December 30, 2007
Gore's Current files IPO to fund growth
Al Gore's Current Media, the online media company, plans an initial public offering that could see it raise up to $100 million. Current's planned IPO comes at an uncertain time for equity markets worldwide.
The planned flotation comes as Current attempts to capitalise on growing interest in its media strategy, which seeks to link user-generated internet content with professionally packaged television broadcasts in a way that appeals to its target audience of computer-savvy 18-34 year olds. Current said it took in more than $63 million 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.
Gore is a major shareholder and executive chairman.