According to an email sent to staff on Friday, the Black News channel is set to close in 2020 and will file for bankruptcy.
Billionaire Shad Khan, the majority stakeholder in the Black News channel and owner of the Jacksonville Jaguar, was no longer willing to invest.
This means that 230 BNC workers – mostly people of color – are unemployed without any separation. https://t.co/qgdY1uqXhf
– Keith Boykin (ithkeithboykin) March 25, 2022
The Atlanta Journal-Constitution reports:
The black news channel will be closed at 5 pm today
The Los Angeles Times broke the news the day after sending an email to employees that they would not receive their paychecks on Friday. Most stakeholders and Jacksonville Jaguar owner Shad Khan invested about $ 50 million in BNC, but failed to meet the huge spending structure of the audience and revenue company. He decided he could not throw more money into the operation, which has 230 employees, mostly people of color, as told in the Times story.
Hare, the CEO and former CNN executive principal who joined the operation last year, sent an email to mid-day staff on Friday stating that “unfortunately, due to challenging market conditions and global financial pressures, we have been unable to meet our financial targets.” With a broken heart, I would like to inform you that with immediate effect, BNC will stop live production and file for bankruptcy. I accept. “
The post The Black News Channel closed two years after its launch, The Gateway Pundit will be the first to file for bankruptcy.