Current Media, the media company backed by former Vice President Al Gore, has cancelled the $100 million IPO that it originally announced in January 2008.
In a document submitted earlier today, Current TV attributed the IPO’s cancellation to the current economy:
In light of current market conditions, the Registrant has determined not to proceed at this time with the public offering contemplated by the Registration Statement. The Registrant hereby confirms that no securities have been sold pursuant to the Registration Statement and all activity regarding the proposed public offering has been discontinued. The Registrant hereby informs the Staff that it may undertake a subsequent private offering in reliance on the safe harbor set forth in Rule 155(c) promulgated under the Act.
The media company is best known for cable channel Current TV, which is broadcast internationally to 59 million homes with markets in regions including the United States, Italy, and the UK. Current also has a strong web presence, tapping into popular social media services like Digg and Twitter for special events like the 2008 presidential election.
The network’s social media efforts during the election were deemed a success by the company, but it was still hit by layoffs in November, when it said that the IPO was being “put on hold”. Current says that there have have been no further layoffs since then, and that the direction of the company has not changed.
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