Air America Radio Files For Bankruptcy: Ceases Live Programming
Air America Radio made an announcement today that they have to file for bankruptcy and will cease their live programming as of this afternoon January 21st.
On their website, the company stated that they will soon file for Chapter 7 of the Bankruptcy Code.
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.
Air America stated that the companies that are left behind are facing 'audience fragmentation' due to new media and changing technologies and stated how difficult it is for media companies to operate.
Air America launched in March 2004 and was the talk radio that helped to launch the careers of Al Franken and Rachel Maddow.
The station filed for Chapter 11 bankruptcy protection in October 2006 and was bought by new investors for $4.25 million in 2007.
So we intend a rapid, orderly closure over the next few days. All current employees will be paid through today, January 21. A severance package will be offered tomorrow to full-time current employees with more than six months of tenure.
Starting at 6pm EST today there will be a selection of encore programming until 9pm EST on Monday January 25th and then Air America programming will end forever.
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New York, New York, United States