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Black News Channel Files for Bankruptcy Citing Up to $50M in Debt

“They filed for bankruptcy faster than they paid their employees the money they’re owed,” one former employee told TheWrap.

Eduardo Razo

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Last week, The Black News Channel announced that it was ceasing operations after two years. Now the cable news channel has filed for Chapter 11 bankruptcy in Florida.

The Tallahassee-based network detailed $10 million-$50 million in liabilities and assessed between 200 and 999 creditors are owed money.

“They filed for bankruptcy faster than they paid their employees the money they’re owed,” one former employee told TheWrap. “I received a partial payment this morning for two weeks of work. They still owe me for another week.”

That former employee was one of roughly 230 who was let go last week; the network plans to air repeats for the rest of this month.

Employees were informed by phone that the network was ceasing operations; President and CEO Princell Hair sent out a note to staffers saying he was “saddened and disappointed.”

“During the past few months, we have endured very painful workforce reductions at all levels of the network as we worked to achieve our financial goal of a break-even business. This has forced all of you to do more with less, and your contributions have been remarkable,” Hair said in the memo obtained by TheWrap

“Unfortunately, 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.”

News Television

CNN Asks Florida Judge to Toss Out Donald Trump’s Defamation Suit

Trump filed the lawsuit against CNN because he accuses the network of defaming his character during the 2020 Presidential Election.

Eduardo Razo

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Former President Donald Trump filed a lawsuit against CNN in October; now, over a month later, the cable news channel is asking a judge in Florida to toss the case (h/t The Hill).

Trump filed the lawsuit against CNN because he accuses the network of defaming his character during the 2020 Presidential Election. Trump’s attorneys argued CNN “has sought to use its massive influence — purportedly as a ‘trusted’ news source.”

Additionally, Trump’s lawyer says that CNN attempted “to defame the Plaintiff in the minds of its viewers and readers for the purpose of defeating him politically, culminating in CNN claiming credit for ‘[getting] Trump out’ in the 2020 presidential election.”

CNN lawyers have pushed back against Trump’s claims saying that the former president “seeks to silence any criticism of Plaintiff’s debunked claim that the 2020 presidential election was ‘stolen.’”

“Any alleged association resulting therefrom are also ‘rhetorical hyperbole’ and ‘pure opinion’ under well-established principles of defamation law,” CNN’s lawyers added.

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News Television

Investor Cautions Over Possible Fox-News Corp. Merger

Irenic Capital, which owns about 2 percent of News Corp., has taken issue with its potential merger between Fox and News Corp.

Eduardo Razo

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Rumors have swirled over Fox and News Corp. possibly merging into one entity, but Irenic Capital, which owns about 2% of News Corp., has taken issue with its potential merger.

A merger would produce a more complicated company and turn off investors rather than increase the company’s lagging stock price, Irenic Capital stated in a letter to the News Corp. board.

“And even if such synergies do exist today, they would principally benefit Fox and reside in the News Media segment of News Corp,” Irenic Capital said (h/t Deadline). “For example, Fox Business may benefit from greater integration with The Wall Street Journal and some of Dow Jones’ other properties, but it is highly debatable whether the benefits from such an association flow both ways.

“Combining News Corp with Fox will result in a combined company that is obviously more complex than both companies left separate.” 

Irenic believes a unification would aid Fox far better than News Corp. and cautioned that the board has a fiduciary responsibility to investigate all possible routes to develop value beyond the one suggested by its primary shareholder.

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News Television

Fox News Lights All-American Christmas Tree

The event was hosted by Greg Gutfeld, Judge Jeanine Pirro, Dana Perino, Jessica Tarlov and Jesse Watters

Ryan Hedrick

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Fox News held its annual All-American Tree Lighting at FOX Square in New York, New York Monday during “The Five.” The event was hosted by Greg Gutfeld, Judge Jeanine Pirro, Dana Perino, Jessica Tarlov and Jesse Watters

In a release, the network said it partnered with the Police Athletic League (PAL) to host a toy drive benefiting New York City’s youth. The network also honored first responders by selecting representatives of the FDNY and NYPD to light this year’s tree.

Guests included FOX News personalities and their families along with first responders from the NYPD and FDNY, including members of NYPD Precinct 32, who lost Wilbert Mora and Jason Rivera this year, and members of EMS Station 49, who lost EMS captain Alison Russo earlier this year.

FOX’s All-American Christmas tree stands at 50 feet tall and is adorned by 12,000 ornaments and 340,000 lights. The tree has 500 branches, a star topper that is over six feet tall and more than four miles of cord wrapped throughout.  Made in America, the tree features a patriotic theme of red, white, and blue decorations.

“After a busy year in America, it’s nice to, let’s just take a step back and celebrate traditions like this and remember how important it is to come together and focus on what truly matters,” said co-host Dana Perino. “This tree is not just for us to enjoy. We want you watching at home to be able to come here and make Christmas memories with your family and friends and of course, your pets, too, of course, as you can imagine.”

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