Good News :Air America has a new owner

[FORD]

Air America Radio, in Chapter 11 bankruptcy proceedings since October, will be rescued at the 11th hour by Manhattan real estate developer Stephen L. Green.

Al Franken, the best-known host of the liberal network, will announce his expected departure on his show later today, to explore a run for the U.S. Senate from Minnesota.

Green is the brother of Mark Green, the New York Democrat who served as the city's public advocate in the 90s and ran for mayor against Michael Bloomberg in 2001.

He has already signed a letter of intent, and plans to finalize a purchase agreement within the week.

Air America CEO Scott Elberg confirmed the sale. "This is a great thing, for our affiliates, the company, the audience and every employee in our organization."

Green is chairman of SL Green Realty Corp, a real estate investment trust specializing in office buildings with a market cap of $12 billion.

Brother Mark is a frequent guest on Air America, and sat in for David Bender, the host of the Air America show Politically Direct, for a couple of weeks earlier this month.

When Franken leaves the network in a few weeks, he'll be replaced by Thom Hartmann, who already has a syndicated show on the network's lineup.



Link (http://www.huffingtonpost.com/2007/01/29/exclusive-air-america-re_n_39897.html)

[FORD]

Monday, January 29, 2007
Air America sold to New York real estate developer, Franken to leave

Whew! Lots going on at Air America Radio this morning. The network has announced a sale, and Al Franken is officially hanging up his headphones.

Huffington Post reports that Air America has reached a sale agreement. And it isn't to Richard French. The company will be sold to SLG Radio LLC, an entity controlled by Stephen L. Green, founder and chairman of SL Green Realty Corp, a successful Manhattan real estate developer. The sale will be accomplished pursuant to section 363 of the United States Bankruptcy Code and is expected to close by mid-February. Green has signed a letter of intent and could finalize the purchase agreement this week.

Also reported to be part of the deal is Green's brother, Mark, a New York Democrat who served as the city's public advocate in the 90s and ran for mayor against Michael Bloomberg in 2001. Mark Green had previously appeared as a guest host on the Air America program "Politically Direct," and has close ties with the show's producer, People For the America Way, of which his wife is a former director.

Air America CEO Scott Elberg confirmed the sale. "This is a great thing, for our affiliates, the company, the audience and every employee in our organization."

According to a release from Air America, SLGreen Realty Corp. has been the most profitable office REIT in the country based on a total return to share holders, controlling 27 million square feet of commercial property largely in Manhattan and with a market cap of over $12 billion.

As for Air America's future plans, Green has many ideas. "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 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."

In related news, midday host Al Franken has confirmed on his show (mp3) that he will be leaving the network, as he explores a run for the U.S. Senate from Minnesota. Franken staffer Andy Barr told the St. Paul Pioneer Press not to read anything else into it. "This is not, repeat NOT, going to be an announcement about anything else," said Barr, in an email to the newspaper. Franken has been exploring a possible 2008 run for the U.S. Senate from his home state of Minnesota.

"We are very sad to see Al Franken depart from Air America and wish him every success in his next endeavor," said Elberg. "Al's brilliance, humor and passion put Air America on the map and we will always regard him as part of our family."

Franken's departure means that Thom Hartmann, who's Air America-syndicated show runs in the same time slot, will slide into the main network schedule. Franken's last day will be February 14.

More updates will follow.

link (http://ltradio.blogspot.com/2007/01/air-america-sold-to-new-york-real.html)

[Guitar Shark]

Corporate America buys Air America... film at 11!

[FORD]

Well, hopefully it's better than being bought by Murdoch or Fear Channel.

[Lqskdiver]

I think Franken had a lot do with why the network never took off. Many people can't stand him and it hit the ratings where it hurts.

[DrMaddVibe]

It was and is a one-trick pony. After an hour you can't take it any more. Advertisers couldn't, why should America? If it doesn't take in any money then why is it around?

This new incarnation will be a failure like the old one was. Franken couldn't do anything without a script so its no wonder why he bailed. Him running for office will be comedic fodder!

[Nickdfresh]

Originally posted by Lqskdiver
I think Franken had a lot do with why the network never took off. Many people can't stand him and it hit the ratings where it hurts.

Franken has the highest ratings on the network, and beats out Bill O'Really?, Sean Hannity, and Glenn Beck in many markets...

The reason that Air Am. never took off is that they started too big, too early; and they tried to create an entire network based solely on politics as opposed to radio networks that picked up political broadcasters as part of there overall all talk format.

There is no "Air-Limbaugh." He's just marketed to AM news affiliates, of mostly CBS Radio News...

[DrMaddVibe]

Air America Fire Sale

Documents: Bankrupt liberal radio network to sell for $4.25 million

FEBRUARY 7--Bankrupt and about to lose Al Franken, its marquee star, Air America Radio is set to change hands for the bargain price of $4.25 million, according to new court documents. The sales figure was disclosed in a purchase agreement filed yesterday in U.S. Bankruptcy Court in New York. According to the agreement, the deal between Air America's owner, Piquant LLC, and a firm controlled by Stephen L. Green, a New York realtor, calls for Green's firm to repay up to $3.25 million in loans provided to Air America after the liberal radio network filed for Chapter 11 protection last October (the company listed debts of $20.2 million). Green's company will also give Piquant LLC $500,000 and pay off up to $500,000 in network debts (the bulk of which, $349,000, is owed to the network's Manhattan landlord). Green's bid topped by more than $1.25 million the nearest offer received by Air America, according to a motion filed along with the purchase agreement. An excerpt from that motion can be found below. Court documents do not specify how many bids were received for the network, though a filing notes that "more than ten interested parties" signed nondisclosure agreements and were allowed to review confidential network financial and corporate records. While Green controls the corporation purchasing Air America, two of the firms that were pre-bankruptcy investors in the radio network will "collectively own a minority interest" in the Green company. The Air America purchase is expected to be finalized at a court hearing in the next week. Franken, who is planning to run next year for a U.S. Senate seat from Minnesota, is scheduled to do his final Air America show on February 14. (2 pages)l


http://www.thesmokinggun.com/archive/years/2007/0207071airamerica1.htm

[FORD]

I've heard rumors that XM is planning on NOT carrying Thom Hartmann and instead reverting to that piece of shit false "democrat" Limbaugh clone Ed Schultz once Franken goes off the air.

Bad move. It certainly won't encourage me to keep my XM susbscription.

Look at it like this, XM....

If you MUST carry all the AAR network programming, then you have to carry Hartmann.

If you DON'T have to, then get fucking Mike Malloy back on your channel at nights and get that other fucking AIPAC blowing piece of horseshit Jon Idiot off the air so I don't have to stream Malloy on my fucking computer anymore.


In any event, AAR isn't going to benefit any from XM fucking around with their content.

[DrMaddVibe]

It doesn't matter, that crap will be off the air in a year when the new boss runs outta cash!