An IPO filing came in today from a company called Current Media, Inc. The filing shows for a sale of up to $100 million in securities, although this number is merely for filing purposes. The sole book runner is JPMorgan, Lehman Brothers is listed as Joint-Lead manager, and Pacific Crest Securities is a co-manager. Current has applied for the stock ticker “CRTM” on NASDAQ.
Current is the Al Gore-backed global participatory media company that democratizes media by engaging, informing and enriching our young adult audience AND encouraging their participation across platforms. Much of the content is user-generated. This media network consists of Current TV, and a website, Current.com. Its affiliate customers include DirecTV, Comcast, EchoStar, Time Warner and AT&T.
Current TV was launched in August 2005 in approximately 19 million subscriber households in the United States and is now available in approximately 51 million subscriber households in the U.S., U.K., and in Ireland. In 2006 and 2007, it recorded revenue of $37.9 million and $63.8 million, respectively. Because of heavy investment in network and infrastructure its operating losses were $4.8 million in 2006 and $6.1 million in 2007.
Some of the key shareholders are significant. Some of the key names behind this that own shares are Al Gore, Ron Burkle, Blum Capital affiliates, Yucaipa affiliates, DirecTV and a Comcast affiliate.
Jon C. Ogg
January 28, 2008
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