TV network backed by Jaguars owner Shad Khan shutters
Black Information Channel — a startup information community with majority monetary backing from Jacksonville Jaguars proprietor Shad Khan — has shut down.
An inner memo from CEO Princell Hair confirmed that the community ceased operations on Friday and filed for chapter. According to the Los Angeles Times, the community failed to fulfill payroll on Friday. Staffers have been beforehand advised on Thursday that paychecks could be delayed, per the report.
“Now we have been unable to fulfill our monetary objectives, and the timeline afforded to us has run out,” Hair wrote in his memo.
Khan bought the Jaguars in 2011. Forbes lists Khan’s net worth at $7.8 billion, a sum that makes him the fourth wealthiest owner in the NFL, based on the Florida Occasions-Union. In response to the Occasions, Khan invested $50 million into Black Information Channel in 2019, making him the bulk shareholder. After a number of rounds of layoffs and makes an attempt to discover a purchaser, Khan declined to speculate additional into the community, based on the Occasions.
The community launched in 2020 with a “mission to inject optimistic change right into a information panorama that, for a lot too lengthy, had underserved and missed Black and Brown folks,” according to Hair.
Per Nielsen information obtained by the Occasions, BNC averaged fewer than 10,000 viewers whereas reaching greater than 50 million households. It employed 230 staffers. In response to the report, advantages will expire subsequent week, and there will likely be no severance packages.
