Current Media Inc., a TV network and web site founded by U.S. Vice President Al Gore, filed papers for an initial public offering on the Nasdaq stock market worth as much as $100 million.
The company, of which Gore serves as executive chairman, owns Current TV, an interactive cable television network. Current.com features videos submitted by viewers as well as professionally produced content and is aimed at viewers aged 18-34. Their content was launched in 2005 and is available in about 51 million subscriber households in the U.S., the U.K. and Ireland.
The San Francisco company, led by CEO Joel Hyatt, has scheduled its IPO for May.
In its SEC filing, Current Media said, Our success is critically dependent on the expertise and continued service of our founders, Al Gore and Joel Hyatt. If Gore left the company, our relationships with key distributors and our business could be materially and adversely affected.
Details about the number of shares offered or estimated price range for the IPO weren't disclosed in the filing.
Gore, a former U.S. vice president and winner of the Nobel Peace Prize, and his family own 3.7 million shares of Current Media, according to papers filed with the Securities and Exchange Commission.
JPMorgan, Lehman Brothers and Pacific Crest Securities were listed as underwriters for the offering in the statement. Meanwhile, the company said it plans to list its Class A shares on Nasdaq under the symbol CRTM.