Although it has racked up more than $31 million in losses since launching in 2005, Al Gore’s Current Media has filed for an initial public stock offering.
The IPO aims to raise $100 million, according to the company’s SEC filing.
The move reps a wager on the appetite for user-generated content. Current, which has a website and a cable TV channel that reaches 51 million homes, uses a lot of video submitted by viewers. About one-third of its content is classified that way, according to the filing.
Since the company’s origins in the years after Gore left public office in 2000, the former veep has made numerous public appearances to promote it. In late 2007, he was in Gotham for a daylong seminar about nonfiction filmmaking that sought to bring together the realms of documentary film and TV newsgathering in novel ways.
JPMorgan, Lehman Brothers and Pacific Crest Securities are underwriting the IPO.