Cable channel Current TV, which is in the process of trying to find a buyer, may have a hard time attracting big bids, the New York Post reports. The reason is simple: Its audience is really small.
The network, founded by former Vice President Al Gore in 2005, presents a progressive slant on politics and current events. The network averaged only about 35,000 viewers in the first two weeks of October, the story notes.
The network may attract bids between $200 million and $300 million, or about half the amount that the TV Guide network was searching for earlier this month. The TV Guide sale was aborted because of a lack of interest from potential buyers, the piece adds.
As previously reported, Current CEO Joel Hyatt was recently quoted as saying: “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.”
The channel is reportedly in about 60 million households and receives about 12 cents per subscriber from pay-TV operators. The combination of low viewer numbers and a relatively high subscriber fee is seen as a deterrent for potential bidders.
“In general, cable and satellite-TV providers are looking to cut payments to smaller channels that aren’t particularly popular to help pay for higher sports and other programming costs,” the Post story notes.