By John Young
January 21, 2010 at 11:56 PM EST

Air America Radio, the liberal radio network that once was the home for commentators such as Rachel Maddow and Al Franken, is shutting down immediately, according to the AP. The network, which started up in 2004, announced that it would stop airing new programs this afternoon and will soon file to be liquidated under Chapter 7 bankruptcy. The company had 10 consecutive quarters of declining advertising revenue. “The very difficult economic environment has had a significant impact on Air America’s business,” the network said in a statement on its website. “This past year has seen a ‘perfect storm’ in the media industry generally.”