Brian Stelter reports on the sale of Current TV to Al-Jazeera:
“Al Jazeera did not disclose the purchase price, but 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, according to several people who insisted on anonymity because they were not authorized to speak publicly. But the deal was not signed until Wednesday.”
The deal was announced last night and Time Warner almost immediately took Current off the air- most likely to renegotiate carriage fees.
Paul Hudson | Elite.