Black News Channel will reportedly cease operations.

Jacksonville Jaguars owner Shad Khan made a $50 million investment in 2019, which helped to launch the channel, but is reportedly no longer willing to invest.

A reported 230 people have been laid off without a severance package.

Marc Lamont Hill wrote on Twitter, “The real exclusive is that he’s refusing to give people their paychecks today. Hundreds of employees, many of whom already took significant pay cuts, are now being denied money they’ve already worked for. Khan, a BILLIONAIRE, simply says he doesn’t want to pay it.”

A staff memo from BNC’s chief executive, Princell Hair, read, “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.”

The statement continued, “This has forced all of you to do more with less, and your contributions have been remarkable. 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.”

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