Green Family Closes On Air America Purchase
March 6, 2007 at 8:14 AM (PT)
It took a little more time than originally projected, but the sale of AIR AMERICA RADIO to real estate mogul STEPHEN L. GREEN's GREEN FAMILY MEDIA has closed.
Majority shareholder STEPHEN L. GREEN will serve as Chairman of the Board, and his brother, NEW YORK politician MARK GREEN, will be President, with SCOTT ELBERG staying on as COO. TERRY KELLY's PROGRESSIVE RADIO GROUP and ROB GLASER's DEMOCRACY ALLIES will be minority shareholders.
"We’re obviously thrilled and relieved that the GREEN family will now take control of AIR AMERICA and help take it to a new level," said ELBERG. "We look forward to expanding our audience and continuing to give a voice to the progressive movement in this country."
We intend to stabilize its structure, programming and balance sheet â?? and then to turn it around by next year.
"AIR AMERICA is a great idea and iconic name, but it’s also been an underperforming asset with unrealized potential," said STEPHEN L. GREEN. "We intend to stabilize its structure, programming and balance sheet – and then to turn it around by next year. I’m a businessman used to making money, and AIR AMERICA will be no exception."
"We plan on a two-step turnaround to make this great brand AIR AMERICA 2.0," added MARK GREEN. "First, we'll make sure our programming stays informative, sharp and entertaining – so that it's appealing to a growing audience and advertisers alike. Second, we’ll be thinking outside the radio box by creatively distributing great content across many platforms in the next years, including the web, video, mobile and broadband. We intend to become a must-hear content site for all people interested in truth, justice and the AIR AMERICAN way."