Air America Finds Buyer; Franken To Exit
January 29, 2007 at 8:52 AM (PT)
AIR AMERICA RADIO has announced that it has a letter of intent to sell the network to real estate mogul STEPHEN L. GREEN's SLG RADIO LLC for an undisclosed price. The deal, if approved by the bankruptcy court, will close by mid-FEBRUARY. GREEN is the brother of longtime NEW YORK liberal political leader MARK GREEN. At the same time, the network announced that AL FRANKEN will leave the network after FEBRUARY 14's show, replaced by THOM HARTMANN, whose AAR-syndicated show was running at the same time as FRANKEN's.
I'm purchasing a majority ownership in Air America with the intention of making it a successful business that returns a profit.
"We are extremely pleased to have reached this agreement with Mr. GREEN, which will solidify AIR AMERICA’s future," said AAR CEO SCOTT ELBERG. "When you combine STEVE's business skills and successes with his brother MARK GREEN's history as a respected progressive policy voice, including as a frequent guest and host on our network, AIR AMERICA will be in the best hands to sustain our powerful radio voice, expand our reach and broaden the audience."
"Because I'm a businessman who enjoys creating and growing companies, I'm purchasing a majority ownership in AIR AMERICA with the intention of making it a successful business that returns a profit," said STEPHEN GREEN. "To assure that AAR survives and thrives, we'll do three things. First, we'll stabilize its finances. Second, we'll build on its lineup to assure the best radio talent possible, since in the long run content is king. And third, we'll extend this special brand by partnering with other platforms beyond radio to make sure that AIR AMERICA's content reaches the wide audience it deserves."