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Reply #7: They filed for bankruptcy in October, but they have since found a buyer: [View All]

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NYCGirl Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-26-06 09:34 AM
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7. They filed for bankruptcy in October, but they have since found a buyer:
http://phoenix.bizjournals.com/milwaukee/stories/2006/1...

Madison investor Terry Kelly, who was one of the founders and a former board chairman of Air America radio, is leading an investor group that has signed a letter of intent that would allow the liberal talk network to exit bankruptcy, according to the New York Times.

Kelly has taken the lead equity position in the group that includes "a new strategic media partner he declined to name," the Times said in its Monday edition. Kelly and another source declined to predict when such a deal might reach fruition, the paper said.

And, BTW, Madison has retained its Air America station due to popular demand:

http://www.nytimes.com/2006/12/25/business/media/25air....

WXXM-FM, a station in Madison, Wis., owned by Clear Channel Communications, rescinded a decision to drop the liberal network in favor of Fox Sports Radio. The station, known as the Mic 92.1, was preparing to switch to a local sports format on Jan. 1. But last Friday, in a surprise statement, the station manager, Jeff Tyler, announced that the station had decided to continue with the progressive talk format of Air America into 2007.

A news release made it clear that public outcry was very directly responsible for the reversal: "We are overwhelmed by the recent outpouring of support for our Progressive Talk format from the public, some of our community leaders and some dedicated local advertisers.

Soon after the initial announcement to drop Air America was made on Nov. 7, a 28-year-old-student, Valerie Walasek, began an an online petition campaign that gathered more than 5,000 signatures and also organized a large rally. She said she was shocked at the outcome.

Im still trying to get used to the idea of it, that it actually worked, that I got big business to change their mind, she said.


It is a vacation time for the hosts expect to hear new programming next week (on 1/2 or after).
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