San Francisco - Current Media, the new media TV and Web video network founded by former Vice President Al Gore, on Monday announced plans to file for an initial public offering (IPO) of shares that could raise up to $100 million, according to an SEC filing. Founded in 2002 by Gore and partner Joel Hyatt, Current Media operates a cable TV network and website that feature a mix of professionally-produced and user-generated content, targeted at young adults.

The company saw annual revenues of $63.7 million in 2007, and net losses of $17 million.

Some 84% of revenue came from affiliate fees paid by cable, satellite and telco TV service operators, while 16% came from advertising fees.

The TV network is available in around 51 million households worldwide, including 41 million in the U.S.

Current plans to use proceeds from the offering to repay $36.5 million in outstanding debt, as well as for working capital and general corporate purposes.

Related Links:
http://snipurl.com/1ygdc (SEC filing)

http://snipurl.com/1ygdl (AP)

http://www.current.com