New York – Liberal
talk-radio network Air America
unceremoniously announced on Thursday that it would cease broadcasting
immediately and file for bankruptcy. "It is
with the greatest regret, on behalf of our Board, that we must announce that
Air America Media is ceasing its live programming operations as of this
afternoon, and that the Company will file soon under Chapter 7 of the
Bankruptcy Code to carry out an orderly winding-down of the business," the
company said on its website.
"The very difficult economic environment has had a significant impact on Air America’s business. This past year has seen a ‘perfect storm’ in the media industry generally," the company added.
"National and local advertising revenues have fallen drastically, causing many media companies nationwide to fold or seek bankruptcy protection."
Air America launched in 2004 with on-air personalities including now-Senator Al Franken, and now-MSNBC host Rachel Maddow.
The company already filed for Ch. 11 once in 2006, and was sold out of those proceedings for just $4.25 million.
"In this climate, our painstaking search for new investors has come close several times right up into this week, but ultimately fell short of success."
http://snipurl.com/u5emc
(Washington Post)
This is information that i was not aware about. Thank you for sharing! I am sure a lot of people will benefit from it.
It’s been a struggle for these guys all along. If you remember this isn’t the first time they’ve filed for bankruptcy. In 2006 they filed for chapter 11.
“‘The very difficult economic environment has had a significant impact on Air America’s business. This past year has seen a ‘perfect storm’ in the media industry generally,’ the company added.”
Tell that to Fox News.
Maybe the business model was flawed in that they were selling a product that had limited interest, or, maybe they were already bankrupt morally. On a long trip I listened to them for over an hour. I heard nothing but jokes, innuendo, and attempts at humor from the leftists – No real news, no intelligent debate or discussion – no serious opinion – just attempts at humorous slams against conservatism.