Current TV's $500 million sale to Al Jazeera has prompted a lawsuit that claims co-founderAl Gore originally was opposed to the deal but had a "change of heart" on selling his cable network to oil-rich Qataris.
The lawsuit was filed Tuesday in San Francisco Superior Court by John Terenzio, who presents himself as a highly regarded media consultant, executive and TV producer who conceived the idea for the distribution of an American version of Al Jazeera.
Now, Terenzio claims that he has been cut out of the lucrative deal.
Read the full lawsuit here.
Terenzio, who says in the suit he created China Central Television and reprogrammed it for American audiences, alleges that in late 2011, he presented a proposal for Al Jazeera titled "Path to U.S. Distribution" by Richard Nanula, a principal in Colony Capital. The purpose of the presentation was to explore potential financing and joint venture partners for the project.
Terenzio says that in June, he identified Current TV as a potential acquisition target for Al Jazeera given its vast distribution network and well-publicized financial woes.
At Terenzio's direction, Nanula is said to have approached Richard Blum, a member of Current's board of directors (and the husband of U.S. Senator Dianne Feinstein), who was interested because "he and other Current investors were concerned about the prospect of losing their shirts in the financially troubled Current." Continue reading via The Hollywood Reporter...