Monday, April 13, 2009

Current TV pulls plans for $100 million IPO

Al Gore's SF-based Current TV, which has been making headlines because two of its employees have been taken prisoner by North Korea, is in the news today for a different reason — it is withdrawing its plans for an initial public offering to raise $100 million. In a letter to the U.S. Securities and Exchange Commission, Current Media cited "current market conditions" as motivating its decision. Only two IPOs have launched so far in 2009, while 16, including, Current Media, have been canceled.

"Generally, the market conditions are improving but the advertising market is still finding its bottom right now," said David Joyce, an analyst at Miller Tabak & Co. told Reuters.

Current TV has lost money each year since its launch, according to its most recent regulatory filing.

Two reporters for Current TV were arrested by North Korean authorities on the border with China last month. North Korea has said it intends to put the women — Euna Lee and Laura Ling — on trial for unspecified "hostile acts."

Bloggers have reported that Current TV has been scrubbing its Web site of comments from users about the North Korean incident. One blogger, Josh Wolf, points out that such censorship is common in China and North Korea. "Current might as well set up shop in North Korea where journalism and the suppression of information go hand in hand," Wolf wrote.

4 comments:

Anonymous said...

Funny how the MSM plays up the capture of the captain of a merchant marine ship and yet almost nothing is said about the capture of these two journalists.

Anonymous said...

Really? A twitter post from DeliaTheArtist? (Her bio reads: I'm an artist, musician, writer and I love to party and debate. Holler.)

"Srsly what's going on with that Laura Ling story...I see people post it and then it disappears."

Come on people. I don't even know where to start with that.

IAmATVJunkie said...

I've been trying to keep it in people's minds at my blog, but pirates are, what?, sexier?

Call your member of Congress and your Senators, especially Feinstein and Boxer, and make sure this in on the front burner.

I posted yesterday at this link.

http://iamatvjunkie.typepad.com/i_am_a_tv_junkie_a_blog_f/2009/04/update-current-tv-reporters-held-hostage-in-north-korea-will-be-tried-for-hostile-acts.html

Mike Greener said...

Since when does a hack like Josh Wolfe merit attribution on this site. This post was doing just fine until the graph where Wolfe shows up. I am a journalist and I think it is completely legit for current to do whatever it takes to help their employees stay out of harm's way, and although Wolfe may have enjoyed his jail time in the U.S. I have a feeling he'd be singing a different tune if he was locked in a North Korean cell right now.