Current Media Cancels IPO Plans

Current Media has canceled plans for an IPO, according to a document filed with the US Securities and Exchange Commission (SEC) Friday. "In light of current market conditions, [Current TV] has determined not to proceed at this time with the public offering contemplated by [its previously submitted registration statement]," the company stated in the document. In a January, 2008 SEC filing, the company had stated that it hoped to raise $100 million via an IPO. Current's decision to cancel its IPO comes as no surprise: according to figures from Renaissance Capital, a firm that specializes in tracking IPO's, there were only two IPO's globally in the first quarter of 2009.

Current Media was founded by former US vice president, Al Gore and his business partner, Joel Hyatt. Its flagship offering is Current TV, a cable/satellite channel that features short-form informational programs, dubbed "pods," around 30% of which are contributed by viewers via its Web site: Current terms this content "VC2" for "viewer-created content." The channel, which pays for all user-generated content that it airs, also invites its viewers to help determine its programming schedule by voting for video submissions on its site.

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