Thursday, January 21, 2010

Air America No-More

I remember a couple of times mentioning that Air America was borrowing money left and right and couldn't pay their bills and persons telling me I was out of my mind.  OOoops.  Maybe less time talking about how bad SUVs were and how oil companies were conspiring against man-kink (no one wanted to advertise on their shows).

The surprise isn’t that liberal talk radio network Air America announced it is going bankrupt today.

The surprise is that they lasted so long on fumes. Here’s an excerpt of the statement on its website pulling the plug (hat tip: Brian Stelter, who has more here):

....Those companies that remain are facing audience fragmentation as a result of new media technologies, are often saddled with crushing debt, and have generally found it difficult to obtain operating or investment capital from traditional sources of funding. In this climate, our painstaking search for new investors has come close several times right up into this week, but ultimately fell short of success....
 As long-time readers know, Radio Equalizer blogger Brian Maloney and extensively investigated the shady finances of Air America’s Titanic.
 ....[read more]....