Air America, the financially troubled liberal radio network, has filed for Chapter 11 bankruptcy protection.
A spokeswoman for the network says that programming will continue thanks to a loan from Democracy Allies LLC.
"The Management and the Board of Directors remain fully committed to broadcasting our popular programs and championing the progressive cause during what we are confident will be a very brief restructuring period," said Air America in a statement.
The network launched in March 2004 with a pledge that President Bush was "going down in November," with satirist and host Al Franken calling it a "progressive" antidote to conservative talk radio.
The president instead won, and the network has struggled to find an audience.
According to the New york-based Air America, it produces 19 hours of programming a day for 92 affiliates reaching 58% of the country.
Contributing editor John Eggerton has been an editor and/or writer on media regulation, legislation and policy for over four decades, including covering the FCC, FTC, Congress, the major media trade associations, and the federal courts. In addition to Multichannel News and Broadcasting + Cable, his work has appeared in Radio World, TV Technology, TV Fax, This Week in Consumer Electronics, Variety and the Encyclopedia Britannica.
The smarter way to stay on top of broadcasting and cable industry. Sign up below.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.