Posted by madcityradio.com on January 22, 2010 at 15:37:40:
In Reply to: The Mic 92.1 to continue progressive talk-show format posted by madcityradio.com on January 22, 2010 at 15:31:02:
News just went out over the proverbial wire that progressive talk radio company Air America, which has been broadcasting the likes of Rachel Maddow, Al Franken (pre-Senate), and many others since 2004, is ceasing all operations effective immediately. The company is also filing for Chapter 7 bankruptcy.
Local progressive talk radio station The Mic 92.1FM will apparently be mostly unaffected by this development. According to station manager Mike Ferris, "We are saddened by the closing of the Air America radio network. As one of their first and most successful affiliates, we have always shared a special bond with the staff and management, and wish them well in their future endeavors."
He went on to state that "the future of the MIC 92.1 is secure."
In a statement released today, Air America said, "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."
They went on to stress the current economic downturn and declining ad revenues as major factors in their decline, and trumpeted what they saw as their successes over the time their were on air.
"Through some 100 radio outlets nationwide, Air America helped build a new sense of purpose and determination among American progressives. With this revival, the progressive movement made major gains in the 2006 mid-term elections and, more recently, in the election of President Barack Obama and a strongly Democratic Congress.
"Laws have changed for the better thanks to this revival.....but all the same our company cannot escape the laws of economics. 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."
Air America has had financial trouble in the past, as in 2006 when they filed for Chapter 11 bankruptcy and were eventually bought out by Green Family Media.
Back in Madison, Ferris went on to clarify that the schedule of programming on The Mic will not change, noting that most of their syndicated programs are provided through different sources than Air America.
"We will continue to provide Madison a truly progressive voice," Ferris added, "along with wonderfully local programming like 'Books and Beats' with Stu Levitan and the newly added lifestyle weekend program 'The Kathleen Show'."