Black News Channel, a cable news network that went on the air two years ago to provide an alternative look at news from Black Americans’ perspective, is shutting down, the outlet’s chief executive told employees on Friday, the Wall Street Journal reported. “Due to challenging market conditions and global financial pressures, we have been unable to meet our financial goals, and the timeline afforded to us has run out,” Princell Hair, who has been chief executive since July 2020, wrote in a memo to staff. “Effective immediately, BNC will cease live production and file for bankruptcy.” Black News Channel’s abrupt closure comes just a year after the network revamped its lineup with high-profile commentators like Charles Blow and Marc Lamont Hill, and added a new morning show. It also shows the difficulties traditional cable-TV channels face as cord-cutting continues and consumers turn away from the channel dial. The network, which was co-founded by former Oklahoma congressman J.C. Watts, is largely backed by automotive-parts billionaire and Jacksonville Jaguars owner Shad Khan. Mr. Khan had explored a sale of some or all of the network in recent months, people familiar with the matter said. Mr. Khan, who has invested roughly $50 million in BNC, won’t invest any further, according to some of the people.
