Billionaire New York City real estate investor Stephen Green - current owner of Air America Radio and brother to current AAR president Mark Green - will be stepping down as chair of the AAR board in March to be replaced by former AAR investor Charlie Kireker. Green invested $4.25 million and AAR subsequently lost several million more, with profitability expected - per Mark Green - sometime in 2009.
As for why the current team would leave the network on the brink of profitability, Green noted that his brother's true passion was not in media but in real estate. "The Kireker group is new money, energy and new confidence in the growing of Air America. Steve was happy to be a bridge from phase one when we had financial difficulties to phase three when it is poised for takeoff..."
I might have lost count, but I think this would be AAR's 37th owner. Previous owners have included Sheldon Drobny, the S. Smalley Cayman Islands Offshore Trust PLC, Barbra Streisand, Triumph the Wonder Dog (presumably acting only as a front for certain Japanese interests), the Sultan of Brunei, and the Chinese Army.
Posted in Meta at February 21, 2008 09:59 AM
Monitoring Air America Radio [TM] so you don't have to.