November 11, 2009

Heh - not a good time to be in the media business

Al Gore's new media venture is not going very well. (insert obligatory smily here) From Breitbart/AFP:
Al Gore's Current Media cuts 80 jobs
Current Media, a cable television company co-founded by former US vice president Al Gore, announced Wednesday that it is cutting 80 jobs as part of a reorganization.

The layoffs, which will leave Current with some 300 employees worldwide, come seven months after the San Francisco-based startup shelved plans for a 100-million-dollar initial public offering, citing market conditions.

In a statement on Wednesday, Current said it was canceling several television programs and shifting the focus of its programming away from short-form content to longer formats.

"As a result of these cancellations, and the shift away from a reliance on daily in-house production, Current Media eliminated 80 positions worldwide associated with the affected programs and related support personnel," it said.
That is a 20% cut -- major. Skipping the IPO is another really bad sign. Maybe if they had a product to sell that people were interested in buying. Website for Current TV Don't bother... Posted by DaveH at November 11, 2009 7:50 PM | TrackBack
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