After being in business for only two years, ABC News reported that BNC made the decision to cease operations. He announced his intention to file for bankruptcy after losing support from his biggest investor, Jacksonville Jaguars owner Shahid Kahn, despite high ratings.
Founded by former GOP Congressman JC Watts in 2020, the network was home to more than 250 black reporters and production staff when it relaunched in 2021.
After failing to see a return on investment after two rounds of layoffs, Khan made the decision to stop investing in the organization. Shortly thereafter, CEO and President Princell Hair sent a memo to employees stating that the company, which was available in approximately 50 million cable homes, would cease all live production and file for bankruptcy.
The news came after the network’s biggest audience since its inception thanks to live coverage of the Judiciary Committee hearing for current Supreme Court Justice Ketanji Brown Jackson.
Hair told employees that “due to difficult market conditions and global financial pressures, we were unable to meet our financial targets and our allotted time frame has run out.”