The left-wing talk radio net Air America shut down all live programming Thursday and said it will stop broadcasting altogether on Monday. The network said it plans to file for bankruptcy later in the day Thursday, not to reorganize but in order "to carry out an orderly winding-down of the business."
Air America's finances have been shaky ever since it went on the air six years ago with hosts like Al Franken and Rachel Maddow. But in a press release issued Thursday, the network said it's a casualty not of its own business plan but a general depression in the radio business.
With radio industry ad revenues down for 10 consecutive quarters, and reportedly off 21 percent in 2009, signs of improvement have consisted of hoping things will be less bad," the Air America press release said. "And though internet/new media revenues are projected to grow, our expanding online efforts face the same monetization and profitability challenges in the short term confronting the web operations of most media companies."