Report: GENE SIMMONS' NGTV Withdraws IPO

According to RedHerring.com, No Good TV, a bawdy Internet and pay television programmer that KISS bassist/vocalist Gene Simmons chairs, has withdrawn its planned $43.1 million initial public offering.

The company, based in Beverly Hills, California, had planned to raise the money to fund the launch of music- and celebrity-driven programs whose profanity and nudity would bump against Federal Communications Commission decency regulations if aired on broadcast or cable TV, according to a government filing.

The company’s web site, NGTV.com, had a slick animated film promoting the channel's launch Feb. 24. Calls to the company co-president, Kourosh Taj, and one of the IPO's underwriters, S.W. Bach & Co., by RedHerring.com were not immediately returned and it was unclear how Thursday's (Feb. 15) IPO withdrawal would affect the programming rollout.

Read more at RedHerring.com.