Bhargava expressed dissatisfaction that the network was unable to draw a sizable enough audience to support its operations in a statement provided to Crain’s Detroit Business.
Owner of parent business Bridge Media Bhargava said in a statement to Crain’s that “we were wrong to believe people would want to watch a clean, unbiased news network.” We really could not afford to keep losing money in the absence of a sizable audience. We are grateful for the ability and hard work of those we have hired. But we were simply unable to go on.
The network made significant investments to draw in elite journalists and talent, following its initial lofty objectives of offering impartial news coverage. In spite of these initiatives, NewsNet found it difficult to stand out in a crowded news market where consumers frequently favored.
On January 1, 2019, NewsNet—which was previously envisioned as the Local News Network—debuted with the Evening Edition show. With an emphasis on headlines and factual reporting, it sought to offer round-the-clock coverage of national news while setting itself apart from opinion-based programming that was increasingly common in the media.
With the use of a mix of digital platforms, mobile apps, and over-the-air channels, NewsNet began to broadcast and soon found itself in a number of US areas. However, the network eventually struggled to draw in a sizable enough audience to support its operations, despite its bright beginnings and commitment to providing objective news coverage.
Although the future of NewsNet’s intellectual property and assets is still unknown, the network has ceased operating and all of its personnel have been laid off.
A cable TV news network’s abrupt closure may result from a number of things, including budgetary constraints, dwindling audience numbers, legal troubles, or a parent business strategy change. I can give you more targeted information if you have a particular network in mind or need more information regarding the shutdown.