Air America Silenced by Fall in Ad Revenues, Bankruptcy Imminent
Unable to find new backers, radio broadcast company will now liquidate
January 25, 2010
Air America Media will liquidate its business in bankruptcy court, just four years after its last visit to bankruptcy court.
A roster of high-profile liberal political commentators couldn't help the New York company, which announced plans to file for Chapter 7 bankruptcy on its Web site last week after its advertising revenues declined.
Air America, which broadcast its programs through roughly 100 affiliates, has yet to actually file its bankruptcy petition. In its 2006 bankruptcy, it restructured its debt in New York's Southern District Court.
The radio broadcast company said it wanted to avoid bankruptcy by finding investors, but said it was unsuccessful in efforts to find new backers.
In a statement, the media company said its efforts to build out its Internet presence were also thwarted: "And though Internet/new media revenues are projected to grow, our expanding online efforts face the same monetization and profitability challenges in the short term confronting the Web operations of most media companies."
Air America said its programming will cease on Monday evening.
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