From Air America's own website:
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.
You can read the full statement on their site.
I can't say I am shocked or surprised. I largely tuned out of Air America's offerings when Rachel Maddow got her own T.V. show. I know a lot people will spin this as "The Death of Left Leaning Talk Radio". I'd submit that the death of Air America presents an opportunity to do better Left Leaning Talk radio.
And to everyone left at Air America who loses their job. As one Media Worker to Another, you have my deepest sympathies. Best of Luck.