Pakistani-American billionaire Shahid “Shad” Khan, owner of Jacksonville Jaguars, announced Wednesday he is set to become a major investor in The Black News Channel, a new cable news network to be launched on November 15.

According to a report from the New York Post, the channel will launch in 33 million U.S. households via cable and satellite and is directed to an African-American audience. To date, the Jaguars owner still hasn’t disclosed the value of the investment; however, he clarified that the deal was “significant” and “open-ended.”

Investment in National Black News Channel

“I am a big believer in the fact that we have a number of communities, obviously especially the African American, who are underserved,” Khan said during a conference call. “We know the mission, but I’m hoping that as time goes on this becomes a bridge to connect all the cultures, including obviously South Asian, which I am. This is a great worthwhile cause.”

The network, which is set to become the nation’s only 24-hour news network, will be based in Tallahassee, Florida. It has been in the works for years and is said to feature African American culture.

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Former Oklahoma congressman, J.C. Watts, is poised to become the chairman of the new network. He played like a star quarterback at the University of Oklahoma in the 1980s. During a conference call, he explained that the platform is intended to become an avenue for the African American community “to have a dialogue to talk about cultural things … or news in general.”

“Obviously, there will be current affairs, but we are culturally specific to the African American community. MSNBC, Fox News, CNN — they may have African American faces on their news shows, but they are not necessarily covering the community from a cultural perspective. We’re not looking to be left or right,” Mr Watts explained.

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