Air America Radio closing, filing for bankruptcy

LOS ANGELES — Air America Radio, a radio network that was launched in 2004 as a liberal alternative to Rush Limbaugh and other conservative commentators, on Thursday shut down abruptly due to financial woes.

1. More Entertainment stories
   1. Will Smith shines in 'Men in Black III'
      

      REVIEW: If you're not a fan of Will Smith's smooth-talking Agent J in the "Men in Black" franchise, don't see the third mo...

   2. Can WWII film hidden by Army help veterans?
   3. Happy 35th anniversary, 'Star Wars'!
   4. Tim McGraw giving homes, hope to veterans
   5. Phillip Phillips has a double double name name

The network once boasted hosts such as Al Franken and Rachel Maddow, but struggled from the outset, including multiple management shake-ups, a bankruptcy in 2006 and sale for $4.25 million the following year.

Air America ceased airing new programs Thursday afternoon and said it will soon file to be liquidated under Chapter 7 bankruptcy. It began broadcasting reruns of programs and would end those as well Monday night.

"The very difficult economic environment has had a significant impact on Air America's business. This past year has seen a `perfect storm' in the media industry generally," the company said in a statement on its Web site.

The New York-based network said its "painstaking search for new investors" came close to succeeding even this week, "but ultimately fell short."

New York real estate magnate Stephen Green and his brother, politician Mark Green, bought the company out of bankruptcy in March 2007.

Air America said 10 consecutive quarters of declining ad revenue and the difficulty of making money on the Internet contributed to its troubles.

The network had some 100 radio outlets nationwide.

Franken, a Democrat, hosted his own show from 2004 to 2007 before leaving to campaign for a U.S. senate seat in Minnesota, which he won last year after a recount battle decided by the state Supreme Court.

Maddow went on to host her own TV show on MSNBC.