Author Stephen King announced on Monday that three radio stations he owns in Bangor, Maine, will cease operations at the close of the year. The renowned author said in a statement on Monday that his three radio stations will be closing, adding that he has enjoyed being a local independent owner.

Stephen King’s rock ‘n’ roll radio station is going silent at year's end. King, a 77-year-old rocker who used to perform with the Rock Bottom Remainders, a band that featured literary icons, said Monday that it’s time to say farewell to his rock station and two others that have been bleeding money.

The Zone Corporation announced Monday morning that after 41 years of King’s ownership, Bangor area channels WZON, WKIT, WZLO will sign off on Dec. 31. In a press release, King cited losses in the millions of dollars and his advancing age as reasons for the shut down.

According to a press release by the stations' parent company, they were never profitable, with Stephen King personally covering their revenue shortfalls.

Acclaimed author Stephen King is selling his three Bangor, Maine radio stations, stepping away from the business after 40 years.

The closures come during a difficult period for traditional media companies, which have seen their business models upended by the internet and changes in audience.

Zone Corporation, Stephen King's radio station company, announced on Monday that it will cease operations at the end of this month.