Former U.S. Vice President Al Gore has sued Al Jazeera, the Qatar-based media company that purchased his Current TV in 2013 for $500 million, in state court in Wilmington, Delaware, claiming it has failed to make payments to himself and his partners.
According to a case summary of the suit, Gore claims that Al Jazeera has withheld about $65 million in payments due him and his partners in an escrow account. According to the summary, about $85 million of the purchase price was placed in escrow in 2013, mainly for the purpose of satisfying indemnification obligations of the sellers. Those unused funds were to be returned after the escrow period on July 2, 2014.
“Rather than return the $65 million remaining in the escrow, as it was obligated to do, Defendant, on June 27, 2014, submitted five claim certificates through which it attempts to manufacture several ways to retain all of the escrow balance for itself in express violation of the merger agreement,” according to the case summary.
The smarter way to stay on top of broadcasting and cable industry. Sign up below.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.