In a day and age when conservative radio and television revenues continue to grow, the fact that the mainstay of liberal talk radio, Air America, is going bankrupt sounds like justice to me.
The corporate parent of Air America, the liberal radio network, filed for Chapter 11 protection from its creditors today in federal bankruptcy court in New York. The network will remain on the air while the company, Piquant Inc., tries to borrow more money and reorganize, under the leadership of a new chief executive.
The network, which began broadcasting with much fanfare two years ago, has struggled to attract audiences and financing.
In a statement today, Air America said the bankruptcy filing became necessary once negotiations with one of its creditors over repayment of its debt broke down.
While the filing does not put Air America out of business, it does put a large question mark over the network’s future. As speculation mounted in recent weeks that the network was not financially healthy enough to survive, Air America executives dismissed suggestions that a filing was imminent.
I guess when you can turn on your local ABC/CBS/NBC station and get all the liberalism you want, who needs a talk radio dedicated to it?
Also Reporting:
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March of Folly
