Liberal Radio Network Air America Files For Bankruptcy
January 21, 2010 9:01 PM
The privately held Liberal talk radio network Air America has announced that it is filing for Chapter 7 bankruptcy.
"The very difficult economic environment has had a significant impact on Air America's business," said a statement on the network's Web site.
"With radio industry ad revenues down for 10 consecutive quarters, and reportedly off 21% in 2009, signs of improvement have consisted of hoping things will be less bad," the statement said.
The statement blamed falling advertising revenues and rising debt for its collapse. Poor ratings couldn't have helped matters. The network will be off the air on January 25.
The network is no stranger to bankruptcy. Air America Radio filed for Chapter 11 bankruptcy protection in October of 2006. However, it was able to continue operating as it reorganized. Green Family Media bought the network in March of 2007 and it was able to grow until it aired on 100 radio stations throughout the U.S.
Some of the networks shows may be able to find a new home at Sirius XM Radio Inc. (Nasdaq: SIRI), as the majority of the programming on Sirius channel "America Left" consists of shows of former Air Americans.
