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article imageTalk radio Air America will end operations, file for bankruptcy

By Andrew Moran     Jan 21, 2010 in Business
Progressive talk radio network Air America has announced that it will wind down its operations and file for chapter 7 under the bankruptcy code.
The talk radio network that is known for its liberal stance, Air America, announced on Thursday it will end its programming and file for chapter 7 under the bankruptcy code, according to a statement issued by the progressive company. From Jan. 21 6 p.m. to Jan. 25 9 p.m., Air America will provide listeners and affiliates with encore programming.
The nation’s ongoing economic crisis in the media sector has affected Air America’s business as local and national revenues are significantly down. Revenues were down for the radio network for 10 straight quarters.
“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. National and local advertising revenues have fallen drastically, causing many media companies nationwide to fold or seek bankruptcy protection,” the statement said.
This is not the first time that the company has run into financial trouble, reports the Washington Post. In 2006, the company filed for chapter 11 bankruptcy protection and in 2007 the radio network was sold to a group of new investors for $4.25 million.
Reuters notes that the network, which has 100 radio outlets across the United States, was started in 2004 by now US Senator Al Franken and launched the careers of such television personalities as Rachel Maddow, host of MSNBC’s “The Rachel Maddow Show.”
After Franken announced he would stop broadcasting for the network and instead run for the Senate, Air America hired Ron Reagan Jr., rapper Chuck D and musician Steve Earle to host shows on the radio network.
All staff employees will be paid until Jan. 21 and will receive a severance package to full-time employees who have been there for more than six months.
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