A $5 million lawsuit has been filed against Current TV’s co-founder Al Gore for not compensating the man who proposed selling the network to Al-Jazeera, according to Hollywood Reporter:
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.
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.
Terenzio maintains that he approached Current TV’s Richard Blum with a pitch on how to sell the network to American audiences and how to convince Gore to go along with the plan.
Although the former vice-president was adamantly against the sale to the “oil-rich Quataris who owned Al Jazeera,” he had a change of heart on the deal.
According to Terenzio, Current TV was sold to Al Jazeera for a reported $500 million without his knowledge and was motivated by the presentation he had made to the network.
Terenzio is “suing for breach of implied agreement, unjust enrichment and quantum meruit (“what one has earned”). He’s seeking $5 million for each cause of action.”
Gore, whose post-vice presidential work has focused on reducing greenhouse gas emissions, is set to pocket $100 million from the deal.
The full lawsuit can be found here.