Of course it had nothing to do with the channel being a flop and now Gore stands to make $100 million from what should have been a total loss.
Al Gore’s Current TV confirmed Wednesday evening that it has been sold to Al Jazeera for an estimated $400 to $500 million, with the former vice president set to pocket $100 million from the sale.
In an email sent to Current TV’s staff, co-founder and former chief executive officer Joel Hyatt describes the selling process he and co-founder Al Gore went through in considering sale to Al Jazeera, acknowledging Current TV was a failed model.
Hyatt points to the Al Jazeera’s many accomplishments, including its global reach and for being the “only news network” that Obama-supporter Colin Powell watches, as factors in their decision.
The announcement makes clear that Al Jazeera plans to create a new international news network for an American audience called “Al Jazeera America.”
Hyatt reminds his staff that the Qatari government funds Al Jazeera in the announcement, but fails to mention that the news network is considered by some a political and diplomatic tool for the oil-rich monarchy. Drivers in Qatar currently pay about $1 per gallon at the pump, due to massive oil subsidies handed down by the government.