In Selling Current to Al Jazeera, Al Gore Reportedly Gets Paid $100 Million

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AL GORE Launches Current TVAl Gore has already won a Nobel Peace Prize, an Academy Award and a presidential popular vote. Now, by losing his foundering progressive media outlet, Current TV -- sold to Qatari broadcaster Al Jazeera in a deal announced on Wednesday -- Gore appears to have gained a substantial financial windfall: According to The New York Times, Al Jazeera paid around $500 million for Current; based on Gore's 20 percent stake, that suggests he stands to make $100 million.

In a detail sure to delight conservative critics, the Times reports that "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." Nonetheless, the deal didn't close until Jan. 2, ensuring that Gore will have to pay what President Obama might call his "fair share."

The former vice president was already quite rich. In October, The Washington Post reported that his wealth was estimated at $100 million -- up 5,000 percent from when he left government in 2001 with assets of $2 million. A New York Times profile described Gore's 20-room, 10,000-square-foot colonial mansion in Nashville, shaded by magnolia trees and cooled and heated by geothermal wells; a San Francisco luxury apartment and a $9 million seaside villa near Santa Barbara were also mentioned.

The upsurge in Gore's fortunes was attributed to his investments in clean energy at a time when the Obama administration was keen to increase government spending on this sector. According to The Washington Post, "Fourteen green-tech firms in which Gore invested received or directly benefited from more than $2.5 billion in loans, grants and tax breaks, part of President Obama's historic push to seed a U.S. renewable-energy industry with public money."

Current was the brainchild of Gore and Joel Hyatt, a legal services entrepreneur. Launched in the summer of 2005, it was initially conceived as a viewer-generated alternative to mainstream media, relying on video submissions and documentaries. In 2011, the channel changed its format, hired ex-MSNBC anchor Keith Olbermann and began showing more traditional progressive programming, with hosts including former New York Governor Eliot Spitzer. But Current failed to attract many viewers, despite additional format changes, and Al Jazeera acquired the network with the intention of shutting it down in order to launch and distribute a new channel, Al Jazeera America.

Publicly, Gore evinced no disappointment with this turn of events. In a press release, he and Hyatt announced, "We are proud and pleased that Al Jazeera, the award-winning international news organization, has bought Current TV":

Since its founding in 2005, Current has grown into a national network available in nearly 60 million homes, offering thought-provoking commentary and Emmy and Peabody award-winning programming. Current Media was built based on a few key goals: To give voice to those who are not typically heard; to speak truth to power; to provide independent and diverse points of view; and to tell the stories that no one else is telling. Al Jazeera, like Current, believes that facts and truth lead to a better understanding of the world around us.

A world in which even a failed media venture can bring its owners enormous rewards.

Why Is Al Jazeera Buying Al Gore's Current TV?


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408 Comments

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progressivehoax

Al can now stimulate the economy, just go out and purchase a couple more jets and a fleet of SUV's.

January 08 2013 at 2:24 PM Report abuse rate up rate down Reply
LILY

did anyone believe this f..l anyway??????

January 08 2013 at 1:59 PM Report abuse rate up rate down Reply
dembaitnswitch

Hey Al Mahmoud............ m!m

January 07 2013 at 11:50 AM Report abuse rate up rate down Reply
hrdbal51

gore is a sell out who hates this country....sore loser from 2000 election.

January 07 2013 at 6:30 AM Report abuse +1 rate up rate down Reply
dembaitnswitch

Camel Stroker !

January 06 2013 at 9:35 AM Report abuse +3 rate up rate down Reply
lekpooh

what a pile ,

January 05 2013 at 8:19 PM Report abuse +4 rate up rate down Reply
smankes

he wont pay a penny in tax on the sale/ with his pals he will be able to hide his profit.and any way the us tax payer give them the money.we will never have to worey aboute som forign country over running us our leaders will bleed us till we colaps.

January 04 2013 at 10:36 PM Report abuse +1 rate up rate down Reply
dgdye1

He deserves 100 million. After all he invented global worming and the internet.

January 04 2013 at 5:44 PM Report abuse +1 rate up rate down Reply
David Ferraez

So corrupt so corrupt..........so corrupt..............oh did I say corrupt...........He has scammed America for more than Bernie Madoff..................there is no global worming issue..........there is no shortage of oil.........etc...........corrupt. Should be in prison forever.

January 04 2013 at 4:11 PM Report abuse +3 rate up rate down Reply
leslie

He'd sell his mother if there was a a buck to be made!

January 04 2013 at 3:27 PM Report abuse +1 rate up rate down Reply