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Al Gore sued over sale of Current TV

CurrentWho didn't see this one coming?

The sale of Current TV to AL Jazeera for $500 million dollars is being challenged on the grounds that Al Gore, former United States Vice President and co-founder of the network, was against the idea but reconsidered. I guess that is illegal now.

John Terenzio, a media consultant, says that he conceived of the idea for an American version of Al Jazeera but has been cut out of the deal now. He claims that he created China Central Television and changed it to fit American audiences. In 2011, he presented Al Jazeera with the "Path to U.S. Distribution" by Richard Nanula, a principal in Colonial Capital. Their presentation was designed to explore interest and possible partners. 

The two men identified Current TV as a potential avenue for Al Jazeera's expansion. Nanula approached Richard Blum, a member of the Current board of directors, who was interested in the deal because "he and other Current investors were concerned about the prospect of losing their shirts in the financially troubled Current."

Terenzio met with Blum in July and talked to him about how the deal could go down and work, with the "mutual understanding that Terenzio would be compensated if Current TV utilized his idea to consummate a sale to Al Jazeera." Now he wants his money.

Without a contract that specifies that, it seems he will have a hard time proving his claim. What say you, TV Rage universe?

 

 


Details
Network:
- get TV
Person:
- Al Gore

Written by: Hamatosan
Mar 6th, 2013, 12:03 pm

Images courtesy of Current TV

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