The owner of Ebony magazine is nearing a deal to acquire Black News Channel LLC out of bankruptcy, a proposal that could revive the cable news network meant to provide Black Americans’ perspective on current events after it shut down abruptly earlier this year, WSJ Pro Bankruptcy reported. Lawyers for Black News Channel said in papers filed yesterday in the U.S. Bankruptcy Court in Tallahassee, Fla., that they are close to designating an affiliate of Ebony Media as the stalking-horse bidder for its assets and asked the judge overseeing the chapter 11 case for more time to finalize the agreement. Stalking-horse deals are common in chapter 11 and would set the floor price for Black News Channel’s assets ahead of a potential bankruptcy auction. The offer by Ebony Studios LLC, which is owned by former NBA player Ulysses “Junior” Bridgeman, would be subject to better offers should any materialize in the coming weeks. BNC launched two years ago and featured a lineup of high-profile contributors that included Charles Blow and Marc Lamont Hill. It shut down in March and then filed for bankruptcy, citing challenging market conditions and financial pressure. The network has largely been backed by automotive-parts billionaire and Jacksonville Jaguars NFL team owner Shad Khan.
