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
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."