Published November 12, 2009
Current Media, a cable TV company co-founded by former U.S. Vice President Al Gore, announced Wednesday it's cutting 80 jobs as part of a reorganization, AFP reported.
The layoffs will leave Current with some 300 employees worldwide and are coming seven months after the San Francisco-based startup put aside plans for a $100 million initial public offering, according to AFP.
Current said in a statement that it was canceling several TV programs and moving from short-form programming to longer-form content, the news wire agency reported.
"This reorganization was not the result of a need to cut costs," the company statement emphasized. "Current Media will have its most profitable year."
Current Media was founded in 2005 and operates Current TV — which reaches more than 50 million households in Britain and the United States, according to AFP. Current.com also is part of the Gore-established media company.
In March, two American Current TV reporters were detained by the North Korean government while they were working along the border with China. After being handed down hard labor sentences for "hostile acts" and illegal entry into North Korea, Laura Ling and Euna Lee were pardoned and released in August after former U.S. President Bill Clinton visited.