There is a glimmer of hope for the Black News Channel.
As AfroTech previously told you, the news outlet filed for bankruptcy after losing one of its biggest investors, Jacksonville Jaguars owner Shahid Kahn.
Cablefax reports that the CEO and sole shareholder of Entertainment Studios Network, Byron Allen, may be stepping in and has already placed a bid worth $11 million to buy the network.
Will Byron Allen Purchase The Black News Channel?
The deadline for the bid was July 11 at 5 p.m. EST under the U.S. Bankruptcy Court for the Northern District of Florida. What’s more, it’s being reported that there were no other qualified competitors.
With that said, Entertainment Studios Networks could be on its way to becoming the official buyer of the Black News Channel. Per court documents, there was a hearing for approval on Tuesday, July 19 at 10 a.m. EST held before Chief Judge Karen Specie.
“There isn’t a bank in the world where we can deposit the words. We have to do it with real economic inclusion and sponsorships. We’ve made the investment. We’re buying it, we have the infrastructure,” Allen said, according to Cablefax. “We just need the industry now to say ‘You know what? That wasn’t our intent. Let us get in here and really do the right thing because we’re better than that.”
We've Got To Do Better
In addition, the outlet reports that Black News Channel received less than $2 million in ad dollars in one year alone. Therefore, Allen will work to reinvest dollars into the Black News Channel.
He also added that the purchase will give the cable industry and sponsors a chance to redeem themselves by uplifting the home of diverse voices.
“It’s a bad mark on us as a country that the Black News Channel didn’t get enough support, to have diversity in ownership, diversity in voices and diversity of viewpoints,” Allen said, the outlet reports. “Alright cable industry, you’ve got one more chance at that. Alright ad community, you’ve got one more chance at that. So we’re going to work closely with folks to let them show the world who they really are.”