Cable Network Reportedly For Sale NY Post
A cable network that has been around for a few years is reportedly about to go up for sale. The New York Post reports that Current TV, launched in August 2005 by former Vice President Al Gore, is on the block.
CEO Joel Hyatt told the paper: “Current has been approached many times by media companies interested in acquiring our company. 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.”
A source said Current is interviewing investment banks, but has not yet launched a formal sale procedure.
“The channel started out as youth-centric and user-generated before going heavier on news and documentaries. Its latest incarnation is as a left-leaning cable news network, a la MSNBC,” the story reports. “In January 2011, it hired former ‘Countdown’ anchor Keith Olbermann, after MSNBC canceled his contract. Then in March, Current also cut Olbermann loose.”
The channel’s lineup now includes “Joy Behar: Say Anything!” and “Viewpoint with Eliot Spitzer,” the report notes. Current is in about 60 million households.
“It gets about 12 cents a subscriber from pay-TV operators that carry it, or around $82 million last year, according to SNL Kagan,” the report notes. “Ad revenue last year was estimated at just $16.9 million.”