Air America Shuts Down, Citing 'Difficult Economic Environment'

Air America is bankrupt, and this time it looks like it will be for good.

The liberal talk-radio network, founded in 2004 to serve as a counterbalance to the likes of Rush Limbaugh and Fox News, is shutting down all operations and filing for Chapter 7. "[O]ur painstaking search for new investors has come close several times right up into this week, but ultimately fell short of success," wrote Air American Media chairman Charlie Kireker in a company-wide memo to employees. "[O]ur company cannot escape the laws of economics. So we intend a rapid, orderly closure over the next few days."