Air America Radio Announced Today That it Has Signed a Letter of Intent

NEW YORK-January 29, 2007-Air America Radio announced today that it has signed a letter of intent to sell its business to SLG Radio LLC, an entity controlled by Stephen L. Green, the founder and chairman of SL Green Realty Corp. (NYSE: SLGPRC) The sale will be accomplished pursuant to section 363 of the United States Bankruptcy Code, and is expected to close by mid-February. The announcement was made by Air America CEO Scott Elberg.
SLGreen Realty Corp. has been the most profitable office REIT in the country based on a total return to share holders, controlling 27 million square feet of commercial property largely in Manhattan and with a market cap of over $12 billion.

"We are extremely pleased to have reached this agreement with Mr. Green, which will solidify Air America’s future," said Elberg. "When you combine Steve Green's business skills and successes -- with his brother Mark Green's history as a respected progressive policy voice, including as a frequent guest and host on our network-- Air America will be in the best hands to sustain our powerful radio voice, expand our reach and broaden the audience."

"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,” said Stephen Green. “To assure that AAR survives and thrives, we'll do three things. First, we'll stabilize its finances. Second, we'll build on its line-up to assure the best radio talent possible, since in the long run content is king. And third, we'll extend this special brand by partnering with other platforms beyond radio to make sure that Air America's content reaches the wide audience it deserves."

"Having been involved on both sides of the microphone at Air America, I understand its huge potential as a voice for progressive patriotism,” said Mark Green. “And with the Democratic take-over of the 110th Congress and prospects in the next presidential election, it's the perfect time for Air America 2.0. If progressive values were a stock, now is the time to buy."

The Network also announced today that the last day of "The Al Franken Show," which airs Mon-Fri 12pm-3pm ET, will be February 14, 2007. Thom Hartmann, host of "The Thom Hartmann Program," which airs on Air America's syndication channel, Mon-Fri 12pm-3pm ET, will then move into "The Al Franken Show" timeslot.

"We are very sad to see Al Franken depart from Air America and wish him every success in his next endeavor," said Elberg. "Al's brilliance, humor, and passion put Air America on the map and we will always regard him as part of our family."

"I'll miss coming in and working with the best staff in radio, talking with my amazing coterie of guests, and, of course, my national audience, said Franken. “But they'll be in good hands with Thom Hartmann, a great progressive and a terrific host. And the network will be in good hands with the Green brothers: Mark, my friend for years and a committed liberal who understands the mission of Air America as well as anyone, and his brother Steve, who is very wealthy."

Upon entering into the Letter of Intent, Stephen Green provided funds to Democracy Allies LLC, which has been funding Air America during the bankruptcy proceeding and which will continue to fund the company as it prepares a definitive purchase agreement for submission to the Bankruptcy Court.

Air America, which does business as Piquant, LLC and is headquartered in New York City, currently produces 19 hours of original programming a day and is heard on 81 affiliates reaching 54 percent of the country. Air America affiliates reach 1.9 million listeners per week, Mon-Sun 6am-12m.

Piquant is represented in the Chapter 11 case by Tracy L. Klestadt and Sean C. Southard of the law firm of Klestadt & Winters, LLP, 292 Madison Avenue, 17th Floor, New York, NY 10017, telephone (212) 972-3000.

Comments

(14)

Please get some seasoned radio pros

on the management side. Get Marc Maron/Morning Sedition back on the air, and get an affiliate in central Florida.

I will miss Al. I love Thom Hartmann, have been listening to his podcast for the last couple of months and believe he probably is the best possible replacement for Al's time slot, but the voices that Al brought to the airways feels kind of irreplacable. Tom Oliphant, Norm Ornstein, Laurence O'Donnell, Joe Conason, and David Brock gone? Ouch. Maybe Thom can take a little time out from talking to the parade of Cons to talk to these guys once in a while?

By IndyJeanJanuary 29, 2007 - 1:15pm

I second the motion. BRING

I second the motion. BRING BACK MARON! Only let him do it from his home town instead of trying to drag him across the country sans wife and home and not make any real attempt to compensate him for the inconvenience.

No offense to Hartmann, but isn't there someone else who can take that slot? I live in Portland and six/eight hours of Hartmann is not going to make him or progressive radio many friends out here.

gypsy
Faith in the face of disaster is only enhanced by laughter in the face of pain.-Marc Maron: The Jerusalem Syndrome
http://msgyspy.blogspot.com
FOUNDER, CULT OF EARL

By peasantwitchJanuary 29, 2007 - 4:34pm

For God's sake, please broadcast in Philly!

I am thrilled Air America is being revitalized.

I am sorry to see Al go but this rumor has been floating for years now. I am thrilled Thom Hartmann will be given his slot.

I second the Mark Maron request. I don't think he'd do it, but how about bringing Mike Malloy back? Will Janeane come back? I miss her!

And give Sam Seder another hour. He kicks ass.

Whatever you do, don't give Lawrence O'Donnell a show. I hate it when he fills in for Al.

Those are my humble requests and opinions.

Any chance Air America will be broadcast in Philly? We have two 24/7 right wing noise stations.

By starwheelJanuary 29, 2007 - 7:01pm

Revamping AAR

I expect we will see some changes in the line up. It is my hope that the Greens will have some good advisers in revamping AAR. I think that there is a lot of room for growth in the progressive talk format.

I would like AAR to consider bringing Marc Maron back, and to take a look at how to improve the network. I think AAR made a lot of programming mistakes, so I hope that AAR's new leadership team will take time to figure out how to help the network grow. It sounds as if the Greens are committed to the format, and I hope they will have experts on hand to help take the network to the next level.

I think Hartmann is a good choice, but I do see that some in Portland might not want six hours of the same host. Possibly, AAR might be willing to pick up a few more hosts for syndication or KPOJ maybe run another show in that time slot.

I think that progressive talk can succeed, and is succeeding in many places. So, I would like to see the Greens look at how to help the affiliates more successful.

By will in chicagoJanuary 29, 2007 - 11:51pm

More Important than Replacing Al

To my way of thinking, more important than replacing Al is finding someone who will run a show the way he does. I have to give him a huge thumbs up for growing with the show, ditching much of the "comedy" elements and all of the "call in" format, and focusing on interviews with an established stable of regular guests. I listen on AM760 in Denver, and Al's show is the only one I regularly tune in for - the only "appointment radio" on that station. He'll be missed less for his own personality than for the format he helped to create.

By jpackerJanuary 30, 2007 - 12:17am

BRING Back Marc Maron and crew

We need to be entertained and informed there's nothing better in the mornings than spitting your coffee on your self.Stop being like rightwing radio!!!!!!!!!Were smarter than that!!

By LJinOregonJanuary 30, 2007 - 10:00am

Will miss Al

I too enjoy his line-up of experts with personality. I hope that their talents will continue to be utilized.

Because of Al Franken, we purchased 3 XM radios and stream regularly to hear AAR. It opened a new world of sensible fact based radio to us. We couldn't stomach the right wing shows that inundate the New Orleans airways.

We cannot receive the New Orleans AAR station since Hurricanes Katrina and Rita hit this area. We live 56 miles south of New Orleans.

Because of Al Franken and AAR we participate with MoveOn.org. We made calls for candidates during the mid term elections and encouraged family and neighbors to get out and vote.

I receive Media Matters, Huffington Post, the Center for American Progress, Washington Post, and Amnesty International daily web updates.

I have signed petitions, called and emailed my Senators, Congressman, and the President on important issues.

I am on a fixed income, but contribute small sums when I can to Liberal and Democratic causes.

Al is responsible for showing me that I can do more than complain.

Thank you, and I will sorely miss you. I hope to see you take the oath of office on CSPAN.

By anta49January 30, 2007 - 8:23pm

The best way to get the word

The best way to get the word out is to have some lightness and comedy mixed in with education and a variety of interesting topics.
As far as Al's format...there already is an NPR out there. I do like some of Al's guests and I hope to hear more from Joe Conasin and Larry O'Donnell. I also love Ring of Fire and would love to see that expanded.
But, by far, the most important issue to me is that you bring back Marc Maron...and then secondly that you keep Sam Seder on.
Give Maron a stable contract and the budget that he needs ot have his writers and crew. Give him Pashman and PW McDonald...K-lo and whoever else he wants.
Those guys created magic that still holds up 3 years later!
I also hope that the new management at AAR will treat the talent with the respect that they deserve for working so intensely on what is constantly breaking news. I hope to never hear again that any talent or crew member has been left hanging as to their employment...
I want to be a strong AAR supporter again...and I will if the new management decides to try to bring AAR back to its former glory.

www.RIPCoco.blogspot.com

By MelinaJanuary 30, 2007 - 10:41pm

The Greening of Air America!!!

The Green-Teem certainly has the right combination of business acumen, financial capital, intellectual firepower and political righteousness to transform Air America into a national media powerhouse.

Our Democratic Congressional majority is weak and needs constant reinforcement/en-COURAGEment from the grassroots.

Air America radio has the potential to water, fertilize, and sustain/maintain/nurture those grassroots......all while planting new seeds of progressivism throughout a growing listenership.

Progressivism is about lots more than just national politics.

We need to run for office (and WIN!) at EVERY level; especially at the level of local precinct committee person...THAT'S how we can/will/must transform the Democratic party into the....well, democratic PARTY!!!

(Even the Republican Party needs to be rescued from the neocon proto-fascistic elements that have usurped "the Party of Lincoln".)

Mark is a brilliant/talented fellow and has his own style/take on things...and it works for him.
I trust Mark will resist the temptation to try to ride intellectual/stylistic roughshod over the hosts. It takes a full spectrum to create a rainbow!

The bottom line is that Air America must be a place where all Americans (and beyond via net/satellite) can come to find progressive vision, passion, intelligence, information, humor and analysis that looks/works/plays and joyfully struggles toward the material manifestation of a positive future for America and the whole of our planetary biosphere.

May this new beginning beautifully blossom forth in splendid fullness....ok, enough with the flowery phrases, let's (lovingly ;-) kick some ass!!!

Nick Lento

By nilentJanuary 31, 2007 - 12:13am

Save Eco-Talk daily

If there's one show in the line-up right now that could take Air America to a completely different level, it's EcoTalk. This program could be Air America's first Peabody. Betsy Rosenberg gives us an hour of news and views about green issues and developments five nights a week; she's been hanging on by her fingernails since the network went into reorganization, and I hope the new management will keep her in the line-up. Her program is an excellent point of entry for people who are less partisan and directly political, it's a real "put your money where your mouth is" opportunity.

By IndyJeanFebruary 1, 2007 - 1:03am

Love Thom, Love Marc AND Mark

Thom Hartmann is my absolute fav, though Rachel Maddow and David Bender are terrific too and I certainly miss the wonderful and funny Marc Maron. With Al leaving, Marc's return would be especially beneficial. And by all means, lets see more of Mark Green who did a reMARKable job filling in for David Bender for two weeks -- a blossoming new career for Mark Green! EcoTalk is important, indeed essential, with global warming upon us -- thought it is pretty heavy, pre-sleep. Consider a different time slot, please.

All that said, I enjoy State of Belief and The Time is Now, the two progressive interfaith programs seen on the weekend -- and Laura Flanders is a great asset who must not be lost -- and Ring of Fire is magnificent.

Thank God for podcasts -- because there is so much to listen to on AAR and progressive radio and WWRL doesn't have a strong signal here in NYC AND we also have to take time to be out in the streets for peace, progressive and liberal causes.

Peace Hugs,
Kate Anne
~~
"The God of Peace is never glorified
by human violence." -- Thomas Merton

By KateAnneFebruary 1, 2007 - 8:39am

Bring Progressive Talk Back to Boston !!!!!

I am thrilled about the revitalization of AAR.Good Luck to the Greens.

Please bring back Maron.He is genius.

PLEASE bring progressive talk back to Boston!!!!!

Air America has been off the air in Boston for 6 weeks .

2000 of us have signed a petition trying to bring it back.

Boston wants to participate in the new future of Air America.

I hope the Greens will aggressively bring the affiliates back home.

By Lorna A.WilkersonFebruary 1, 2007 - 11:08pm

Bring back our Boston affiliate! Bring back Maron!

We in Boston are dying without our Progressive Talk station! We are hoping that the new ownership can revitalize the network as well as some of the programming!

I hope you will also consider bringing back Marc Maron's morning show! He is fantastic and I miss his combination of humor, authenticity and intelligent interviews.

I ditto the above... Boston wants and needs to be part of the future of Air America!

Check out our on-line petition to see the strength of the listeners here (more than 2000 signatories already).

Robin L Bergman
http://www.bostonprogressivetalk.net
http://www.townonline.com/medford/homepage/8998968384196444159

By robinorigFebruary 1, 2007 - 11:43pm

Great News

Just wanted to say that it is great news to hear that AAR will continue to broadcast. Congratulations. I've listed almost daily since day 1. I will miss Al and all the regular guests he has had. I'd love to see Lawrence O'Donnell or Joe Conason get a regular AAR show. I am so happy to have Thom Hartmann on regularly in Al's time slot. I would usually download the podcasts and listen to Thom over the weekend. I also must say that I think Jon Elliott is an awesome addition to AAR. I liked Mike Malloy, but his anger was a little too intense for me at night. I enjoyed Mark Maron's passion, but his humor lost me. Maybe it's my age, I don't know. Now for my favs. I love the Young Turks - especially Cenk, Love Rachel and Sam and think that Randi is the BEST! Whatever you do - don't lose Randi!!! Whatever programming changes happen, I think it's great to have a variety of personalities and show styles - something for everyone.

By LoriMarylandFebruary 2, 2007 - 12:04pm

Comments

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