A statement on the network’s website read, “The very difficult economic environment has had a significant impact on Air American’s business.” The announcement also cited a “perfect storm” in the media industry and rapidly shrinking advertising revenues.
A representative for Air America confirmed the statement’s accuracy but declined to comment further.
Starting at 6 PM today, Air America will broadcast “encore programming” through Jan 25 and then go off the air permanently. Employees will be paid through Thursday with severance packages offered Friday to full-time employees with over six months of tenure.
The network that was launched in 2004 by personalities which included Rachel Maddow and Al Franken.
This is not the first time it has filed for bankruptcy: in 2006, Air America filed for Chapter 11 bankruptcy but was able to stay on the air while it reorganized.
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