"Hi! I'm Al Franken and I want to be your senator!"
Posted on 03/06/2007 12:40:50 PM PST by Hillarys Gate Cult
NEW YORK
New York real estate magnate Stephen Green and his brother, politician Mark Green, completed their purchase of the liberal Air America talk radio network on Tuesday for $4.25 million.
Stephen Green, chairman of office building owner SL Green Realty Corp., formed Green Family Media to buy Air America, which had entered bankruptcy in October. He will be chairman of Air America and Mark Green will be president. Scott Elberg, who had been chief executive, will stay on as chief operating officer.
Air America first launched in 2004 and has lost money ever since.
"I'm a businessman used to making money and Air America will be no exception," Stephen Green said in a statement. He said they had plans to turn the business around by next year.
"Air America is a great idea and iconic name, but it's also been an underperforming asset with unrealized potential," he said.
The network reaches 2.1 million listeners through 75 affiliates and produces 19 hours of original programming a day. Its most prominent personality was the comedian and author Al Franken, who left the network last month to run for the Democratic nomination to a U.S. Senate seat from Minnesota.
When Air America's parent filed for bankruptcy on Oct. 13, 2006, the company reported it had lost $9.1 million in 2004, $19.6 million in 2005 and $13.1 million as of the filing in 2006.
The Greens will be majority shareholders of the network while Progressive Radio Group, led by former Air American board member Terry Kelly, and Democracy Allies hold minority stakes.
U.S. Bankruptcy Judge Robert Drain approved the sale to the Greens last month as the network was about the run out of money, putting it in danger of shutting down.
(Excerpt) Read more at businessweek.com ...
SUCKERS
wanna bet?
Book conservative talk shows.
That GIANT sucking sound you hear is Air America!
Green must need some tax deductions really bad -or- he's an idiot.
Ha, ha, ha, ha!
Now THAT would be funny.
"Bush is a jerk." Is that the 19 hours of original programming a day he's talking about?
Pure wishful thinking, grasping for straws, liberal nonsense.
...and just what he go for his money and assumed liabilities?
"...but it's also been an underperforming asset..."
That's the understatement of the month!
Sounds like a winner to me.
"Hi! I'm Al Franken and I want to be your senator!"
He is going to end up with a small fortune on Air America, by starting out with a large fortune.
Sounds like he just bought a ticket on the Titantic and threw his life jacket overboard!!
For those who don't know, Mark Green was the Democrat nominee for NYC mayor in the 2001 election, who got his clock cleaned by Michael Bloomberg.
I lived in Albany at the time and read the NY Post nearly every day. That was the election where the NY Times endorsed Green (naturally), the Daily News endorsed Bloomberg, and the Post endorsed no one.
Q: How does one make a small fortune with Air America Radio?
A: Start with a large one.
Seems like there's some "creative writing" involved in this deal;
http://radioequalizer.blogspot.com/2007/02/air-america-bankruptcy-sale-stephen-l.html
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.