Posted by fmrCC'er on January 21, 2010 at 16:31:38:
According to All Access:
Rumors become reality as AIR AMERICA prepares to file for Chapter 7 and is ceasing operations.
The AIR AMERICA site reads:
"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 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. From large to small, recent bankruptcies like CITADEL BROADCASTING and closures like that of the industry's long-time trade publication RADIO AND RECORDS have signaled that these are very difficult and rapidly changing times.
"We will strive to assist affiliates and partners in achieving a smooth transition. Starting at 6p (EST) TODAY, we will provide our affiliates, listeners and users a selection of encore programming until 9p (EST) on MONDAY, JANUARY 25th, at which time AIR AMERICA programming will end.
"We are proud that AIR AMERICA's mission lives on through the words and actions of so many former radio hosts who are active today in progressive causes and media nationwide. In the years ahead, as we look back, we should all be proud of our passionate determination to assure that our nation's progressive voice would be heard loud and clear. Through the hard work and dedication of current staff, and those who preceded you, a lasting legacy was forged which will now continue through other voices and venues."