Air America Radio in talks with suitors

[LTR]

OCT. 31 4:30 P.M. ET Air America Radio is talking to several parties about a possible sale and is hopeful of reaching a deal before Thanksgiving, a lawyer for the liberal talk radio network told a bankruptcy hearing Tuesday.

Tracy Klestadt told the court that the privately-held company was in discussions with seven different parties about a sale and was "very hopeful" of reaching a deal by Nov. 22, saying there was a "significant amount of interest."

(snip)

Klestadt declined to say who the potential suitors for the company were, and a spokeswoman for Air America also declined to comment.

(snip)

Under the agreement finalized Tuesday, the company needs to have a deal in place with a buyer and have filed a motion with the court by Nov. 22 seeking approval of the sale to guarantee that financing continue beyond that date.

http://www.businessweek.com/ap/financialnews/D8L3S1580.htm

[dpbrown]

1. So this post was first....

...nice job!

[DeepModem Mom]

2. Chicago Tribune/AP: Liberal network Air America Radio in talks about sale

Liberal network in talks about sale
Associated Press
Published November 1, 2006

NEW YORK -- Air America Radio is talking to several parties about a possible sale and is hopeful of reaching a deal before Thanksgiving, a lawyer for the liberal talk radio network told a bankruptcy hearing Tuesday.

Tracy Klestadt told the court that the privately held company was in discussions with seven different parties about a sale and was "very hopeful" of reaching a deal by Nov. 22, saying there was a "significant amount of interest."

The network, which went on the air with much fanfare two years ago, filed for bankruptcy protection Oct. 13 after discussions with one of its creditors reached an impasse....

Air America is continuing to operate with financing from an investor group led by RealNetworks Inc.

http://www.chicagotribune.com/business/chi-0611010231nov01,0,7144294.story?coll=chi-business-hed

[ronnykmarshall]

3. Probably a good thing.

There IS a market for progressive radio .... if AAR is ran correctly it will thrive.

[bluestateguy]

4. Just get it out of the hands of the incompetent boobs running it now

nt

[primavera]

10. Is AAR really badly managed now?

I honestly have no clue; I know absolutely nothing about the business of media. But the tinfoil hatter in me is always suspicious when liberal endeavours experience difficulties. Is it possible that AAR is in fact managing their affairs perfectly competently, but is unable to generate the fantastic sums in advertising revenues needed because corporate America doesn't want Americans to hear what AAR has to say?

[FredStembottom]

5. Buy it to bury it?

I know AAR locals have been subjected to that.

[maseman]

6. That won't happen

A company or group of investors will buy AAR and they will do the right thing by keeping probably three shows (Sam Seder, Randi Rhodes and Al Franken) and ditching the rest of the 24 hour network. ALl the fill-in shows between the big shows like the early morning, evening and weekend programs will go away and the 24 hour newsroom will be terminated.

What this will do is preserve the money making shows that have the most syndication and do away with much excess expense that makes no real revenue.

The new owner will hopefully then focus on getting Franken, Seder and Rhodes on more stations throughout the country and maybe will develop one or two more talent to enhance the lineup.

AAR screwed the pooch by trying to be a 24 hour radio network and program provider. It just doesn't work like that because the overhead is so high and the revenue so low for most of the programming it doesn't work. It killed them financially.

[Edgewater_Joe]

7. How Do You Know This?

Not that you're wrong, but where do you get this info?

[FredStembottom]

8. I hope you're right (sort of.....)

I worried about the "entire network" idea from the beginning myself.

But I'll cry if Ring of Fire, Rachel Maddow and Thom Hartman all get dumped!:cry:

[LTR]

9. Posted yesterday in LBN

To the sound of crickets chirping.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=2589185&mesg_id=2589185

Gee, thanks DUers. :eyes:

[flyarm]

11. Lets hope it is a group put together by Soros..with deep pockets! n/t