Air America Sale Closes

The I's are dotted and the T's are crossed on the Green family's purchase of Air America Radio.

This blog had been silent, while others breathlessly reported the rumors, legal maneuvers, deal killing attempts, and general lawyering surrounding anything to do with Air America Radio, or radio in general for that matter. Now the rumors are over, and we can report facts. As always, there is something in this sale for everyone to hate, but at least AAR can get back to the business of radio instead of quashing the daily rumor that progressive radio was dead and Air America killed it.

In one remarkable development, the AAR web site had a visible sign of human activity, actually posting the news release of the sale in a timely manner. Here it is:

Statement:
AIR AMERICA COMPLETES SALE TO GREEN FAMILY

Steve Green to be Chairman, Mark Green President and Scott Elberg COO of "Air America 2.0"

FOR IMMEDIATE RELEASE

NEW YORK-March 6, 2007- Air America, the progressive talk network, today announced that Green Family Media had formally completed its acquisition of the network.

“We’re obviously thrilled and relieved that the Green family will now take control of Air America and help take it to a new level,” said Scott Elberg, who has been the top executive at the company and will stay as its Chief Operating Officer. “We look forward to expanding our audience and continuing to give a voice to the progressive movement in this country.”

In the new structure, Stephen Green will be the Chairman of the Board and Mark Green will be President, running the company with Mr. Elberg. Stephen Green will be the majority shareholder; the Progressive Radio Group, led by Terry Kelly; and Democracy Allies are the minority shareholders.

Air America currently is on 70 affiliates reaching a weekly audience of 1.7 million listeners. It produces 19 hours of original programming daily.

“Air America is a great idea and iconic name, but it’s also been an underperforming asset with unrealized potential,” said chairman Stephen Green. “We intend to stabilize its structure, programming and balance sheet – and then to turn it around by next year. I’m a businessman used to making money and Air America will be no exception.”

“We plan on a two-step turnaround to make this great brand Air America 2.0”, said president Mark Green. “First, we'll make sure our programming stays informative, sharp and entertaining – so that it's appealing to a growing audience and advertisers alike. Second, we’ll be thinking outside the radio box by creatively distributing great content across many platforms in the next years, including the web, video, mobile and broadband. We intend to become a must-hear content site for all people interested in truth, justice and the Air American way."

Stephen L. Green is the chairman of SL Green Realty Corp. and Gramercy Capital Corp., companies that are listed on the New York Stock Exchange (SLGreen Realty Corp. and Gramercy Capital Corp. are not part of this acquisition.)

Mark Green is the author/editor of 21 books (see www.MarkGreen.com), including the best-selling Who Runs Congress? (1972) and The Book on Bush (2004). He is the former elected Public Advocate for New York City (1993-2001), and the Democratic nominee for mayor in 2001. He currently teaches at NYU and is president of the not-for-profit research institute, The New Democracy Project. He has been a frequent guest on Air America, MSNBC, CNN and NY1.

Scott Elberg is a radio veteran with 25 years of experience in both the Boston and New York area. Prior to joining Air America Radio in Spring of 2005, Elberg was Vice President of Sales at Univision Radio for three years in New York City -- and before then Vice President of WKTU Radio in New York City, where he led the station to the top 5 in the New York market in both ratings and revenue in 2000, 2001, and 2002.

Hopefully, the rather dismal lineup created by the previous management will be shaken up, and things in general will start looking like a real radio company again. AAR 2.0 has a known brand name and a reputation. The rep is not always good, in fact it is usually more notorious, but in today's media notoriety is as good as fame and a lot cheaper.

Future challenges will be to build an advertiser base outside the typical large corporations and local mom 'n' pop used car lots that advertise on AM radio, because these are notoriously squeamish in the face of controversy. (Notice how many pulled ads from Ann Coulter's site... it's not always political censorship.) Alternative radio needs to create an alternative culture to sustain it. Pacifica has always been good at this, though it's recently been plagued by infighting that is bad even by Pacifica standards.

Good luck to AAR 2.0.