TXN folds6/25/2000 08:00:00 PM Eastern
Only days after The News of Texas (TXN) implemented a major reorganization that laid off a third of its 120-person staff-including several top executives-management has pulled the plug.
The restructure had the ambitious network dropping its radio and Internet networks to focus on its core television product. TXN has been providing newscasts to stations in more than 20 Texas markets but was unable to gain good time slots, sufficient ratings in major markets or sufficient advertiser support (B & C, June 19). Former CEO Bob Rogers said that it had been "burning too much money."
TXN will shut down at the end of August; contracts will be honored, and those who stay will be given a severance package by owners Mission City Management, Rogers said.
Officials said TXN was the only statewide commercial broadcast network.