"It is with the greatest regret, on behalf of our Board, that we must announce that Air America Media is ceasing its live programming operations as of this afternoon, and that the Company will file soon under Chapter 7 of the Bankruptcy Code to carry out an orderly winding-down of the business.
The very difficult economic environment has had a significant impact on Air America's business. This past year has seen a "perfect storm" in the media industry generally. National and local advertising revenues have fallen drastically, causing many media companies nationwide to fold or seek bankruptcy protection. From large to small, recent bankruptcies like Citadel Broadcasting and closures like that of the industry's long-time trade publication Radio and Records have signaled that these are very difficult and rapidly changing times."
Translated: "We never said anything much different than what you already read in the newspapers, see on most TV, and hear on NPR. We tried saying it louder and more stupidly, but it turns out that nobody listened, and nobody other than local sex toy shops paid to advertise. Plus, now that Bush is no longer President we have no boogieman to rant against."