A New York realtor is paying $4.25 million to acquire Air America Radio, the liberal news and talk radio network, according to bankruptcy court documents.

Stephen Green, the founder and chairman of SL Green Realty Corp., has reached a tentative agreement to buy the struggling radio network, which has consistently lost money since going on the air in 2004.

The network filed for bankruptcy protection last fall after reaching an impasse with one of its creditors.

According to documents filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York, Green is paying a total of $4.25 million for the company. The company said in the filing Green's was the highest offer and $1.25 million more than any other offer.