Tuesday, January 29, 2008

Current Media of SF plans $100 million IPO

Current Media, which relies on viewer-produced video for its TV channel and Web site, announced Monday it plans to have an initial public offering of stock it hopes will raise $100 million to cover $35 million in debt and cover future operation costs. The channel was founded by Al Gore and legal services pioneer Joel Z. Hyatt of Atherton. The Mercury News notes that Current Media paid the former vice president $1.05 million last year, including a $550,000 bonus for the first four months of 2007. The company said it still may give Gore an additional bonus to cover his accomplishments for the final seven months of the year. (Photo credit: AP, file Sept. 16, 2007)

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