What really explains Air America’s failure?

Michelle Malkin links to Brian Maloney at The Radio Equalizer who reports:

While Air America Radio's loss of two affiliates in Phoenix and Missoula, Montana is generating news this week, the company itself probably hasn't been able to give either city a second thought.

Why? In a development sure to rip the heart right out of the liberal radio network's already ailing body, it appears extremely likely their leased New York City flagship station WLIB-AM will soon abandon Air America programming.

Even worse, litigation looks probable over the station's lease.
...

So what’s brought Air America to the edge of its grave?

Some blame Al Franken. He’s not funny or interesting.

Others ask whether even liberals wanted to listen to Bobby Kennedy Jr’s rant about environmentalism once they learned he owns three large homes, flies private jets, and opposes wind energy projects in coastal waters near oceanfront properties he owns in Massachusetts and New York.

And, of course, the company’s shady financial dealings drove away potential investors whose money might have helped Air America hire talented people.

While all that’s true, it doesn’t get at the most important reason for Air America’s impending demise: It’s failure to woo enough liberals away from their favorite liberal talk radio network: the giant, government subsidized National Public Radio.