New Life for Air America

As reported by Crain's New York Business today:

Liberal talk radio Air America Radio said Monday that it had reached a tentative agreement to be sold to the founder of a New York area real estate company, less than four months after filing for Chapter 11 bankruptcy protection.

The network, which filed for Chapter 11 in October after reaching an impasse with an unnamed creditor, also said that Al Franken, its longtime headline personality, would depart next month.

The company had been operating with funding from its current investor group prior to Monday’s agreement with Stephen Green, the founder and chairman of SL Green Realty Corp. Terms of the deal, which need bankruptcy court approval, were undisclosed.

Mr. Green is the brother of Mark Green, a longtime New York politician who has also appeared frequently as a guest on Air America Radio.

The network said in a statement that Mr. Franken's last day on the network would be Feb. 14, and that his 12pm-3pm ET time slot would be taken over by Portland, Ore.-based talk show host Thom Hartmann.

The network didn't specify why Mr. Franken was leaving, but Mr. Franken told the Associated Press earlier this month that he had contacted Minnesota lawmakers to seek advice about a possible run for the Senate.

Air American has had a rough 12 months. The network, which went on the air two years ago, underwent a management shakeup last April when Danny Goldberg stepped down as chief executive.

It’s unclear what Mr. Green’s plans for Air America will entail.

New Yorkers will remember that Mark Green was the former New York City Public Advocate, former candidate for Mayor and former candidate for New York State Attorney General.

Some New Yorkers may also recognize SL Green's name, as they are a big real estate developer in New York city and own several of the office buildings that many of us work in.

Also interesting is Al Franken's plans to possibly run for senator from Minnesota. Why not, Minnesota elected former wrestler Jesse Ventura as Governor, why not a former comedian, former radio announcer as Senator.