Current Media, a cable television company co-founded by former US vice president Al Gore, has shelved plans for a 100-million-dollar initial public offering (IPO) citing "market conditions."
The San Francisco-based Current Media, in a filing with the US Securities and Exchange Commission, said it was withdrawing the plan for an IPO submitted to the SEC in January 2008.
"In light of current market conditions, the registrant has determined not to proceed at this time with the public offering," Current Media said in the filing with the SEC on Friday. "All activity regarding the proposed public offering has been discontinued."
Current Media, founded in 2005, operates Current TV, which reaches more than 50 million households in Britain and the United States, and a youth-focused website Current.com, where users can submit their own content.
The number of IPOs in the United States has dropped dramatically over the past year because of the economic slowdown and credit crunch.