Progressive talk radio network Air America will cease its live programming operations as of Thursday afternoon and will soon for for Chapter 7 bankruptcy, according to an announcement by the company.

Management cited poor revenue and rising business costs for the bankruptcy, as well as the general financial landscape of traditional media versus new media.

Al Franken, who has now become U.S. senator from Minnesota, was a founding member of the network's roster. Rachel Maddow, who has since catapulted onto MSNBC with her own nightly program, is also known widely for her Air America show.

"With radio industry ad revenues down for 10 consecutive quarters, and reportedly off 21% in 2009, signs of improvement have consisted of hoping things will be less bad," read a statement on AirAmerica.com. "And though Internet/new media revenues are projected to grow, our expanding online efforts face the same monetization and profitability challenges in the short term confronting the Web operations of most media companies."

Air America was broadcast in 100 outlets across the country. It will officially end all programming January 25 at 9 p.m.