Black News Channel Receives $1.6M From Billionaire Shahid Khan Following Bankruptcy Filing

Bloomberg reports that, as of last month, the media outlet had $500,000 in cash and $25,000 in debt, according to court papers. While the Black News Channel is reportedly searching for ways to remain on the air, court papers reveal it has received interest from potential bidders recently.

“We think this case is going to rise and fall within the next sixty days,” said Christopher Schreiber, a lawyer for Khan’s investment entity in the hearing, according to Bloomberg. “Hopefully within that time we’re going to have a sale.”

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