Bhargava, in a statement sent to Crain’s Detroit Business, expressed disappointment that the network failed to attract a large enough audience to sustain its operations.
“We believed people would want to watch a clean, non-bias news network, but we were wrong,” Bhargava, owner of parent company Bridge Media, said in a statement sent to Crain’s. “Without a large audience, we just couldn’t continue to lose money. We hired the best people and talent, and we appreciate their hard work and effort. But we just couldn’t continue.”
The network, which launched with ambitious goals of providing objective news coverage, invested heavily in attracting top-tier journalists and talent. Despite these efforts, NewsNet struggled to differentiate itself in an already saturated news market, where viewers often gravitate towards established networks with loyal followings.
NewsNet, initially conceived as the Local News Network, first launched on January 1, 2019, with its inaugural program, Evening Edition. It aimed to provide 24/7 national news coverage with a focus on headlines and factual reporting, differentiating itself from opinion-based programming prevalent in the media landscape. NewsNet started broadcasting through a combination of over-the-air channels, digital platforms, and mobile apps, expanding its reach to various markets across the United States. However, despite its promising start and dedication to unbiased news delivery, the network ultimately faced challenges in attracting a large enough viewership to sustain its operations.
The fate of NewsNet’s assets and intellectual property remains unclear but all employees have been laid off and the network has stopped all operations.