updated 3/6/2007 1:41:33 PM ET 2007-03-06T18:41:33

New York real estate magnate Stephen Green and his brother, politician Mark Green, completed their purchase of the liberal Air America talk radio network on Tuesday for $4.25 million.

Stephen Green, chairman of office building owner SL Green Realty Corp., formed Green Family Media to buy Air America, which had entered bankruptcy in October. He will be chairman of Air America and Mark Green will be president. Scott Elberg, who had been chief executive, will stay on as chief operating officer.

Air America first launched in 2004 and has lost money ever since.

“I’m a businessman used to making money and Air America will be no exception,” Stephen Green said in a statement. He said they had plans to turn the business around by next year.

“Air America is a great idea and iconic name, but it’s also been an underperforming asset with unrealized potential,” he said.

The network reaches 2.1 million listeners through 75 affiliates and produces 19 hours of original programming a day. Its most prominent personality was the comedian and author Al Franken, who left the network last month to run for the Democratic nomination to a U.S. Senate seat from Minnesota.

When Air America’s parent filed for bankruptcy on Oct. 13, 2006, the company reported it had lost $9.1 million in 2004, $19.6 million in 2005 and $13.1 million as of the filing in 2006.

The Greens will be majority shareholders of the network while Progressive Radio Group, led by former Air American board member Terry Kelly, and Democracy Allies hold minority stakes.

U.S. Bankruptcy Judge Robert Drain approved the sale to the Greens last month as the network was about the run out of money, putting it in danger of shutting down.

SL Green Realty is a publicly traded real estate investment trust that owns 34 Manhattan office buildings and has a total of 27 million square feet of space under its control.

Mark Green, a liberal Democrat, once served as New York City public advocate and has unsuccessfully run for U.S. Senate, New York City mayor and most recently, state attorney general. He was a frequent guest on Air America, CNN and other networks, and he currently teaches at New York University, according to a company statement.

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