Tags: Gore | Current | TV | sale

Al Gore’s Current TV Up for Sale

Friday, 26 Oct 2012 09:26 PM

By Todd Beamon

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Former Vice President Al Gore’s Current TV cable network is up for sale.

“Current has been approached many times by media companies interested in acquiring our company,” CEO Joel Hyatt told The New York Post on Thursday. “This year alone, we have had three inquiries. As a consequence, we thought it might be useful to engage expertise to help us evaluate our strategic options.”

Current, which is still interviewing investment banks, has not yet begun a formal sales process, The Post reports.

Begun in August 2005, Current has struggled to find its voice — in both programming and personnel. Gore started the network amid his efforts against global warming.

Current began as a youth-oriented network and later switched to news and documentary programming. It now is a news network.

Former “Countdown” anchor Keith Olbermann was brought aboard in January 2011 after MSNBC cancelled his contract — only to be let go this past March.

The network is now airing such programs as “Joy Behar: Say Anything!” and “Viewpoint with Eliot Spitzer.”

Owned by Gore, Hyatt and several private investors, Current is in about 60 million homes, making it valuable for buyers looking for cable network distribution, The Post reports.

Current receives about 12 cents for every pay-TV subscriber from operators that carry it, or around $82 million last year, according to SNL Kagan.

Last year, Current’s advertising revenue was estimated at only $16.9 million, The Post reports.

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