After Jacksonville Jaguars owner Shad Khan decided to no longer willing to invest in Black News Channel, the network shut down and went into bankruptcy. Now, media mogul Byron Allen is reportedly buying it.

According to The Hollywood Reporter, Allen, Founder/Chairman/CEO of Allen Media Group will acquire “substantially all” of BNC’s assets for $11 million.

“We are excited to have been selected to acquire the Black News Channel, which has approximately 300 million linear and digital subscribers,” Allen said in a statement. “Allen Media Group will deliver a best-in-class network to serve the underserved African-American community and the advertisers who want to reach this extremely valuable audience.

“Also, we appreciate the opportunity to provide cable operators, satellite companies, telcos, and digital platforms diversity of ownership, voices, and viewpoints on their programming line-ups by having a 100 percent African-American owned network,” he continued.

Although BNC saw growth, the average audience for the network was less than 10,000 viewers, according to Nielsen data.

BNC is available in around 45 million homes through companies like DirecTV, Charter and Comcast. Allen says his company can grow that distribution to about 80 million homes in the next six months. It isn’t immediately clear what’s in store for BNC’s lineup or programming.

Khan had invested over $100 million in BNC since it launched in 2020. It shut down in March 2022, leaving a majority of its 300 employees jobless.