Current Media, the cable TV/Internet company co-founded by former Vice President Al Gore and Joel Hyatt has withdrawn its IPO. The company cited the depressed Wall Street market for stocks.
Given how the US economy and stock markets have tanked since Current Media filed in January 2008 to sell $100 million of stock in its initial offering, it was hardly a surprise that the IPO was officially pulled back last Friday.
“In light of current market conditions, the Registrant has determined not to proceed at this time with the public offering contemplated by the Registration,” the letter signed by CEO Joel Hyatt stated. However, he did request that the SEC retain a credit for the registration fee paid by Current Media, so it might come back for a future attempt at going public.
In the most recent update to its now-scuttled stock sale, filed last May, Current said it was available to approximately 56 million subscriber households in the United States, the United Kingdom, Ireland and Italy. The company had revenues of $63.8 million in 2007 and reported a loss of $9.9 million for the year.