Al Gore's Current Media Plans to Sell Shares in IPO (Bloomberg)

[sjdnb]

Jan. 28 (Bloomberg) -- Current Media Inc., the television news network co-founded by former U.S. Vice President Al Gore, plans to raise as much as $100 million in an initial public offering.

The San Francisco-based company, which owns a Web site and TV network targeted at people ages 18 to 34, will use the proceeds to repay debt of $36.5 million and for working capital and general corporate purposes, according to a regulatory filing today. The amount of stock to be sold may change.

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Current Media, which has yet to turn an annual profit, lost $9.86 million in 2007. The company said it expects to continue to incur losses in the future as it invests more money to build the business.

The company had sales of $63.8 million in 2007, up 68 percent from the prior year, according to the filing. About 84 percent of its revenue came from affiliate fees last year, and the remainder was from advertising.

(I'm 50 and I love Current and think it provides some excellent content for my daughters - esp. International coverage).