Bankrupt Air America Radio on Verge of Being Sold

From nytimes.com: "In recent weeks, Air America, which has its headquarters in New York and reaches about 2.4 million listeners weekly, has suffered the defection of a handful of its more than 80 affiliated stations and soon faces the likely departure of its most visible host, Al Franken, even as it cobbles together a plan to emerge from Chapter 11.

A possible solution surfaced on Friday. Douglas Kreeger, an initial investor and former chief executive who stabilized the network in its early months, said in a telephone interview that there is 'a signed letter of intent' for a new group to take over the network and that he is 'likely' to be a part."

Highlights of this article:
* Air America Radio sought bankruptcy protection back in October
* Speculation continues that the network's star, Al Franken, will soon leave
* Former ABC Radio Exec: "It’s my feeling that they really put this together without broadcasters..."
* Financial problems have plagued Air America Radio

What Happened On This Day in Radio History: December 18

Radio Shopping Daze - Today's Holiday Gift-Giving Idea:
Rough Cuts
by syndicated morning hosts, John Boy & Billy
Compare Prices
See more gift ideas from radio personalities including books, audio, movies, and more.