Poor old Al Gore, missed out on his tax break

Al Gore just trousered a cool $100 million by selling his beleagured cable TV channel to Al Jazeera.¬†The ex-vice president turned climate change ‘expert’ hits pay-day!

After years of trying to sell Current TV, co-founder Al Gore hasfinally found a buyer¬†for what some critics have lambasted over the years as America’s least watched cable network: Al Jazeera. Yet while the purchase price, which was undisclosed but reported at between $100 million and $500 million, may ultimately pay off for the pan-Arabic news network, it comes at quite a cost. Even the low-end of that price range suggests that Al-Jazeera paid more than $4,500 for each of the network’s viewers.

When Current was launched in 2005, it focused on airing user-generated videos in 8-minute segments. Seeking a larger audience, it then gradually move into producing long-form narrative video journalism and reality and documentary programming. For the last couple of years, it tried to position itself as a left-leaning broadcast alternative to the cable news channels.

Yet by 2010 the network was averaging only about 23,000 viewers a day. By comparison, the CW network averaged more than 200,000 viewers a day during the week of Dec. 23, 2012.

It is reported that the deal was for around US$500 million meaning Gore trousered around US$100 million. A nice pay day but it might have been more.

From the New York Times¬†report¬†on the sale of Al Gore’s Current TV to Al Jazeera, via Mike Allen’s Politico¬†Playbook: “people with direct knowledge of the deal pegged it at around $500 million, indicating a $100 million payout for Mr. Gore, who owned 20 percent of Current. Mr. Gore and his partners were eager to complete the deal by Dec. 31, lest it be subject to higher tax rates that took effect on Jan. 1. ‚Ķ But the deal was not signed until Wednesday.”

Oh dear, how sad, never mind. I can think of a song for poor old Al…

  • Patrick

    So what is it exactly that Al Jazeera are buying? Obviously not the viewership – do they have some special concessions or similar that makes it all worthwhile?

    Oh & by the way Big Al tried to dodge the higher taxes he is now liable for, but I bet he is the first to advocate for “rich pricks’ to pay more taxes – just as long as it aint him & his mates.

    • http://www.whaleoil.co.nz Whaleoil

      They are buying a foothold in the US, something they have been trying to do and have been prevented from doing for some time.

      Of course Gore the US Patriot has sold out to the Arabs

      • Mr_V4

        He also seems happy to take oil money, odd for such a climate crusader.

  • Stuart Mathieson

    Poor old Al Gore, poor old John Banks. He just happened to own shares in Talent 2 when it was bought out, Talent 2 being the the successful tenderer for the marvellous Education Department payroll system called Novapay. Course it wasn’t insider trading how could it be John’s investment portfolio being a blind trust him being associate Minister of Education and all that and him being an honourable man.

    • Never in the dark…..

      Drawing a very long bow……..troll.

      A little bit of homework would show that Banks had an ‘interest’ in Sugar International until January 2010. His fleeting moment with Talent2 happened when T2 purchased Sugar lock stock and barrel at that time. Some 18 months AFTER T2 secured the NovoPay contract with LABOUR.

      T2 later got involved with US firm Allegis, who subsequenlty acquired them back around May 2012.

      And yes while the John Banks name still features as a key staff member of T2, it’s not the same Banksie. Their one is a Pom: http://www.talent2.com/en_au/r/our-people/meet-our-team/john-banks

  • Never in the dark…..
  • Never in the dark…..
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