New owner for Air America?

It appears that a deal to take over Air America Radio will close early in the new year. Here's what the Wisconsin State Journal of the New York Times has to say:

New owner for Air America?

State Journal staff, New York Times
December 18, 2006

Air America Radio may be in the hands of a new owner soon, with the potential to lift the company out of financial woes that have plagued the progressive talk network.

Terry Kelly, a Madison businessman and investor in Air America, said he hopes new financial backing will prevent Clear Channel Radio from changing Madison's Air America station, WXXM-FM (92.1), The Mic, to an all sports format, which is planned for Jan. 1.

A potential partner signed a "letter of intent" to take over the network. Kelly, a former board chairman of the network who will "lead the way in finding the appropriate new equity investments," said the investor group includes a new media partner, but he declined to name it.

He said he expects to close a deal with the group early in the new year.

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