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Air America Radio closing, filing for bankruptcy – AP
Posted By Jacob Laksin On January 22, 2010 @ 12:20 pm In Uncategorized | 2 Comments
LOS ANGELES – Air America Radio, a radio network that was launched in 2004 as a liberal alternative to Rush Limbaugh and other conservative commentators, on Thursday shut down abruptly due to financial woes.
The network once boasted hosts such as Al Franken and Rachel Maddow, but struggled from the outset, including multiple management shake-ups, a bankruptcy in 2006 and sale for $4.25 million the following year.
Air America ceased airing new programs Thursday afternoon and said it will soon file to be liquidated under Chapter 7 bankruptcy. It began broadcasting reruns of programs and would end those as well Monday night.
“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 said in a statement on its Web site.
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