This year, the Black News Channel ceased operations after Shad Khan, a majority stakeholder in the company, was no longer willing to invest further.
Now it seems the network could have a new owner. Cable Fax reports that Byron Allen's Allen Media Group has emerged as the leading candidate to purchase Black News Channel for $11 million.
Allen Media Group and Ebony Studios have vigorously sought to purchase BNC assets since the early stages of the sale process.
"The Debtor and its advisors have spent the last several weeks engaging in robust discussions and negotiations with Ebony Studios, ESN, and other potentially interested parties, regarding their submission of bids for the Debtor's business and assets generally, and the Debtor's potential designation of a Stalking Horse Bidder," the filing said.
"Those hard-fought negotiations have led the Debtor to a positive point in this Chapter 11 Case: the Debtor now has a Stalking Horse APA in hand that represents a great outcome for the Debtor, its estate, and all of its stakeholders, and is optimistic that additional Qualified Bids will be forthcoming that may improve upon the terms of the Stalking Horse APA."
A purchase by AMG could mean new life for a network on its way to becoming defunct. Black News Channel announced it would be discontinuing operations on March 25, soon after celebrating its second anniversary in February.
No comments:
Post a Comment