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Showing Original Post only (View all)Al Gore stands to gain about $70 million after selling Current TV to al-Jazeera [View all]
Source: washington post
Al Gore, who shared the 2007 Nobel Peace Prize for his fight against global warming, may gross about $70 million from the sale of his Current TV network to al-Jazeera, the cable channel funded in part by oil-rich Qatar.
Al-Jazeera will pay about $500 million for Current TV, including the stake held by Gore, 64, according to two people with knowledge of the deal. The network is one of dozens of investments made by the former vice president since he lost the 2000 presidential race by a slim margin.
Its reeking with irony, said Jeffrey Sonnenfeld, senior associate dean at the Yale School of Management, who studies corporate governance. It seems to be at least a paradox in terms of his positions on sustainability and geopolitics.
The deal highlights Gores makeover from career politician to successful businessman. His take from the Current TV sale is many times the maximum net worth of $1.7 million he reported while running for president in 1999. Besides investing in start-ups, Gore is on the board of Apple, an adviser to Google and a partner at Kleiner Perkins Caufield & Byers, according to his Web site biography.
Read more: http://www.washingtonpost.com/business/economy/al-gore-stands-to-gain-about-70-million-after-selling-current-tv-to-al-jazeera/2013/01/04/4775e5d2-56a5-11e2-8b9e-dd8773594efc_story.html