The deal was struck after rumors of Mr. Green's interest in saving the company from bankruptcy surfaced last month. A federal bankruptcy judge approved of the sale today.
The New York-based Air America broadcasts to 81 affiliates in 54% of the country, reaching 1.9 million listeners per week. Its current CEO is Scott Elberg, who in October became the fourth person to hold that post since the network's inception in 2004.
Franken off the air
The news also comes just two days after the departure of high-profile host Al Franken, who was the leading personality for the network. Mr. Franken's three-hour afternoon time slot was taken over by Portland, Ore.-based Thom Hartmann yesterday.
Mr. Franken said in a statement last month, "I'll miss coming in and working with the best staff in radio; talking with my amazing coterie of guests; and, of course, my national audience," Mr. Franken said. "But they'll be in good hands with Thom Hartmann, a great progressive and a terrific host. And the network will be in good hands with the Green brothers: Mark, my friend for years and a committed liberal who understands the mission of Air America as well as anyone, and his brother Steve, who is very wealthy."