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Air America Going Even More Green

  • Mediaweek, Tuesday, January 30, 2007 11:15 AM
Air America, the progressive talk radio network which filed for bankruptcy protection in October, has signed a letter of intent to sell itself to SLG Radio, an entity controlled by Stephen Green, founder and chairman of SL Green Realty Corp.

His brother, Mark Green, a New York area politician, has been a frequent guest and host on the network. But the network will also lose one of its top talents. Al Franken will depart on Feb. 14, presumably to pursue his threatened run for a U.S. Senate seat in Minnesota. The company was forced into Chapter 11 after Multicultural Broadcasting, which rented time on its stations to Air America, seized its assets.

Air America's total debt at the time was more than $20 million with assets less than one-fifth of that. Green, who has been funding Air America during the bankruptcy proceeding, says, "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."



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