In a move that shook up the media landscape, former Vice President Al Gore’s progressive cable news channel Current TV reportedly made a run at an initial public offering (IPO).
According to sources familiar with the matter, Current TV had been quietly preparing for an IPO that could have come as soon as 2012. The channel, which was founded in 2005 with the goal of providing an alternative to mainstream news coverage, had struggled to gain traction with viewers but was now seen as an attractive investment opportunity.
The potential IPO came as Current TV had undergone a strategic shift in recent years, moving away from its original user-generated content model towards a more traditional cable news format. Under the leadership of CEO Joel Hyatt, the channel had invested heavily in original programming and high-profile talent, including former MSNBC host Keith Olbermann.
While Current TV had yet to achieve the viewership numbers of its larger competitors, its backers believed the channel’s focus on progressive politics and its growing digital presence made it an appealing investment. An IPO could have provided the channel with the capital it needed to further expand its programming and distribution.
However, the road to a successful IPO was not an easy one. Current TV faced stiff competition in the crowded cable news landscape, and its political leanings could have been a turnoff for some investors. Additionally, the broader market for media IPOs had been somewhat tepid in recent years.
Nonetheless, the potential public offering of Al Gore’s Current TV was a significant development in the evolving media industry. Investors and industry watchers had been closely watching to see if the channel could capitalize on the growing demand for alternative news sources and deliver a successful public debut.