THom Hartmann: Why Air America Matters

An interesting article from Huffington Post, in which Thom Hartmann expresses an insider's view:

There are times when doing the profitable thing is also doing the right thing.

That's certainly what Roger Ailes and Rupert Murdoch thought when they lost an average of $90 million a year for about five years before the Fox News Channel became profitable. It's what Reverend Moon believes, as his Washington Times newspaper lost hundreds of millions of dollars and, according to some reports, even today continues to lose money.
And its what the people who have made Air America Radio possible - names you probably wouldn't recognize because they've invested millions of their own money but don't seek the limelight - believe.

Each of these endeavors hit nail-biting times.

In Murdoch's early days building News Corp. (which then helped fund Fox News), as The Hollywood Reporter noted in a 2005 article:

"[C]orporate expansion and the stock market crash of 1987 conspired to create a financial crisis for Murdoch in 1990, when News Corp. reported revenue of $6.7 billion and saw more than $7 billion in debt come due. With News Corp. shares plummeting from $24 to $8 as a result of the Black Monday crash and Murdoch's buying sprees continuing unabated, creditors became nervous. A refinancing plan was put in place, but at the last minute, one small bank in Pittsburgh refused to go along with the scheme, demanding repayment of a $10 million loan.

"That $10 million loan nearly caused the entire collapse of News Corp.: An extraordinary race against time ensued in which Murdoch and his financial advisers struggled to convince the company's 100-plus creditors to agree to a deal by which they would all be paid at the same time. Only at the eleventh hour did the Pittsburgh bank capitulate, to Murdoch's great relief.

"The mogul managed to get through the ordeal without parting with substantial blocks of stock, which likely would have forced him to lose control of the company he created (a fate that befell his rival, Turner). At one point, though, Murdoch reportedly did have to sign over as security personal assets, including his New York penthouse."

Read more.