http://thepoliticker.observer.com/2007/01/mark-green-liberal-radio-mogul.html NEW YORK-January 29, 2007-Air America Radio announced today that it has signed a letter of intent to sell its business to SLG Radio LLC, an entity controlled by Stephen L. Green, the founder and chairman of SL Green Realty Corp. (NYSE: SLGPRC) The sale will be accomplished pursuant to section 363 of the United States Bankruptcy Code, and is expected to close by mid-February. The announcement was made by Air America CEO Scott Elberg. SLGreen Realty Corp. has been the most profitable office REIT in the country based on a total return to share holders, controlling 27 million square feet of commercial property largely in Manhattan and with a market cap of over $12 billion.
"We are extremely pleased to have reached this agreement with Mr. Green, which will solidify Air America's future," said Elberg. "When you combine Steve Green's business skills and successes -- with his brother Mark Green's history as a respected progressive policy voice, including as a frequent guest and host on our network-- Air America will be in the best hands to sustain our powerful radio voice, expand our reach and broaden the audience." "Because I'm a businessman who enjoys creating and growing companies, I'm purchasing a majority ownership in Air America with the intention of making it a successful business that returns a profit," said Stephen Green. "To assure that AAR survives and thrives, we'll do three things. First, we'll stabilize its finances. Second, we'll build on its line-up to assure the best radio talent possible, since in the long run content is king. And third, we'll extend this special brand by partnering with other platforms beyond radio to make sure that Air America's content reaches the wide audience it deserves." "Having been involved on both sides of the microphone at Air America, I understand its huge potential as a voice for progressive patriotism," said Mark Green. "And with the Democratic take-over of the 110th Congress and prospects in the next presidential election, it's the perfect time for Air America 2.0. If progressive values were a stock, now is the time to buy."
The Network also announced today that the last day of "The Al Franken Show," which airs Mon-Fri 12pm-3pm ET, will be February 14, 2007. Thom Hartmann, host of "The Thom Hartmann Program," which airs on Air America's syndication channel, Mon-Fri 12pm-3pm ET, will then move into "The Al Franken Show" timeslot. "We are very sad to see Al Franken depart from Air America and wish him every success in his next endeavor," said Elberg. "Al's brilliance, humor, and passion put Air America on the map and we will always regard him as part of our family." "I'll miss coming in and working with the best staff in radio, talking with my amazing coterie of guests, and, of course, my national audience, said Franken. "But they'll be in good hands with Thom Hartmann, a great progressive and a terrific host. And the network will be in good hands with the Green brothers: Mark, my friend for years and a committed liberal who understands the mission of Air America as well as anyone, and his brother Steve, who is very wealthy." Upon entering into the Letter of Intent, Stephen Green provided funds to Democracy Allies LLC, which has been funding Air America during the bankruptcy proceeding and which will continue to fund the company as it prepares a definitive purchase agreement for submission to the Bankruptcy Court. Air America, which does business as Piquant, LLC and is headquartered in New York City, currently produces 19 hours of original programming a day and is heard on 81 affiliates reaching 54 percent of the country. Air America affiliates reach 1.9 million listeners per week, Mon-Sun 6am-12m. Piquant is represented in the Chapter 11 case by Tracy L. Klestadt and Sean C. Southard of the law firm of Klestadt & Winters, LLP, 292 Madison Avenue, 17th Floor, New York, NY 10017, telephone (212) 972-3000.
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