Business

GORE’S CURRENT BALKS ON IPO PLAN

Current Media Inc, parent of Current TV, the youth-focused television network launched by former US Vice President Al Gore, has withdrawn plans for an initial public offering.

In a letter on Friday advising US securities regulators of its decision, the company cited “current market conditions.” Only two IPOs have launched so far in 2009, while 16 have been canceled including Current Media.

“It’s still early for a young company in this sector to be coming to market with a new issue at this point,” said David Joyce, an analyst at Miller Tabak & Co. “Generally, the market conditions are improving, but the advertising market is still finding its bottom right now.”

Current TV might not yet have sufficient penetration with viewers to entice investors, Joyce said.