Air America is a for profit corporation that has a CEO and Board of Directors, like other businesses. Franken is a host. I do not know if he is an investor, but he is not the boss.
The Air America CEO is a man named Robert Glaser. You'll find a brief press release on his appointment here:
http://news.com.com/Reals+Glaser+named+Air+America+chairman/2110-1025_3-5484133.html?part=rss&tag=5484133&subj=news.1025.20The Chairman of the board is a woman named Anita Dronby.
I found an article in the Chicago Tribune, 19 June 2004, that contains information on it's investors: "The investors, including Highland Park couple Sheldon and Anita Drobny and Air America Chief Executive Doug Kreeger, formed a new corporation, Piquant LLC. They plan to use the new entity to purchase the assets of Air America from Progress Media and RadioFree America, two related companies that own and operate the network.
http://www.chicagotribune.com/business/chi-0406190169jun19,1,3470820.story?coll=chi-business-hed&ctrack=1&cset=true