NEW YORK, Feb. 7 (UPI) -- Bankrupt U.S. radio network Air America, which also is about to lose talk-show star Al Franken, will change hands for $4.25 million, court documents show.
The price was disclosed in a purchase agreement filed in U.S. Bankruptcy Court in New York, TheSmokingGun.com said.
Terms of the agreement between Air America's owner, Piquant LLC, and a firm controlled by buyer Stephen L. Green, a New York realtor, call for Green's firm to repay up to $3.25 million in loans provided Air America after it filed for Chapter 11 bankruptcy protection.
Court documents did not say how many bids were received, but a filing noted more than 10 parties signed non-disclosure agreements and were allowed to review the network's confidential financial and corporate records.
Green controls the corporation purchasing Air America, but two of the firms that were pre-bankruptcy investors in the radio network will "collectively own a minority interest," court documents said.
The Air America purchase is expected to be finalized at a court hearing next week.
Franken, who has expressed interest in running for a U.S. Senate seat from Minnesota, is scheduled to do his final Air America show Feb 14.
