As far as I'm concerned, good riddance to Air America. (Btw, Al Franken was complaning awhile back that "his paychecks has suddenly dried up, but I don't think he was exactly "hurting", somehow. His and other stars' fees were most likely a big hit on AA's bank balance). Also, if Air America couldn't sustain itself, then it was probably perceived by its listenership as being too close to the mainstream Democratic Party, which is now all about "going where the wind blows".
Their Republican counterparts have effectively invented a perception within mainstream America (and effectively exploited it to the maximum) that 'liberals' and left of center ideology exhibit a number of traits that can be quite easily framed as 'unpatriotic', 'anti-military', 'soft on crime', 'bad for business', and so on. In fact the Bush Adminitration has even gone to the ultimate extreme with this tactic, accusing some of their political enemies as "siding with al Qaeda", implying an allegiance with terrorist groups. Under such assault, what is a Democrat to do? They have two choices.. either they can regroup and become the party which places the interests of the working and middle class Americans as priority, or cowardly creep along the path of appeasement, and go "conservative-lite".
It is quite obvious which path Air America chose; the compromised and insincere one: the listenership saw through it, and wouldn't support it. They went 'yellow belly up".