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Update Current TV scraps NASDAQ plan - 15-April-2009, 11:40

Current TV scraps NASDAQ plan

Al Gores Current TV has pulled plans to mount an IPO for its Current Media holding company. A letter sent to the SEC on Good Friday cited current market conditions as the reason. The IPO was announced in January last year, although last November the business laid off some 30 staffers.

Current TV was launched in the US in August 2005, and quickly won favour with viewers for its trend-setting coverage of ecological and environmental matters. Much of its video content is generated by these same viewers who are encouraged to send in 3-7 minute pod clips for use on the channel.

It launched a UK version in March 2007 (initially on BSkyB) and an Italian version last year (on Sky Italia).

The station is backed by former vice-president Al Gore, and businessman Joel Hyatt.
   
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