AAR to Declare Bankruptcy on Friday

From thinkprogress.org's website earlier this evening:

Air America To Declare Bankruptcy, But Progressive Radio Remains Strong

Air America Radio will announce a major restructuring on Friday, which is expected to include a bankruptcy filing, three independent sources have told ThinkProgress.

Air America could remain on the air under the deal, but significant personnel changes are already in the works. Sources say five Air America employees were laid off yesterday and were told there would be no severance without capital infusion or bankruptcy. Also, Air America has ended its relationship with host Jerry Springer.

The right wing is sure to seize on Air America’s financial woes as a sign that progressive talk radio is unpopular. In fact, Air America succeeded at creating something that didn’t exist: the progressive talk radio format. That format is now established and strong and will continue with or without Air America. Indeed, many of the country’s most successful and widely-syndicated progressive talk hosts — Ed Schultz and Stephanie Miller, for instance — aren’t even associated with Air America.

Radio giant Clear Channel is so committed to progressive talk radio that, this week, it will announce a partnership with the Center for American Progress and MSS Inc. to conduct a nationwide search for the next Progressive Talk Radio Star.

UPDATE: Air America responds.

If Air America had filed for bankruptcy every time someone rumored it to be doing so, we would have ceased to exist long ago; it may be frustrating to some that this hasn’t happened. No decision has been taken to make any filing of any kind, we are not sure of the source of these rumors and frankly can not respond to every rumor in the marketplace.

Hmmm...I've got a left-leaning website announcing the imminent bankruptcy filing by the major progressive/liberal radio network in the country. I'm not really sure who to believe but I do know it will make my on-going quest that much more difficult. While right-wing America will be celebrating this news, filing for bankruptcy does NOT mean the death of AAR. They've carried a lot of debt through their start-up and 2+ year existence and this will allow them to better structure themselves and (hopefully) their product.

P.S. I'm out of town on business tomorrow (leave in the early AM, return in the late evening) and I'll be flying on Air Tran Airways. Besides offering a non-stop flight to my final destination, they pipe XM satellite radio through their entertainment system and AAR is currently on their station line-up (#167). I'll definitely be tuned in to Rachel Maddow in the morning and I guess I'll listen to 'The Majority Report' on the way back (the show isn't carried by WSAI).

I was hoping to listen in to 'Countdown with Keith Olbermann' on the return trip but XM dropped MSNBC programming audio late last month--I better set the DVR before I hit the sack!