The short-lived network Al Jazeera America lost more than $500 million dollars in its brief TV life, according to a suit filed against the company by a former executive.
According to the New York Times, the network’s former executive vice president of finance Anand Gupta is suing the defunct operation, and the details of his suit reveal that in 2013 the network had a net operating loss of $250 million. That number grew to $335 million in 2014.
Gupta claims that he was promised promotion to CFO by the network’s CEO Ehab Al Shihabi, who was replaced in May 2015. His suit claims Al Shihabi’s replacement Al Antsey failed to live up to the deal.
In addition to the huge losses, the suit also details some of the network’s spending, including paying $11,000 a month for an apartment meant for Al Shihabi even after his departure from the company.
“We strongly disagree with the allegations made in Mr. Gupta’s complaint, which contains many factual inaccuracies, and we intend to vigorously defend the company’s position,” a network spokesperson told the Times.
Al Jazeera America announced in January that it was shutting down after less than three years on the air, with its final broadcast airing earlier this month.
“While Al Jazeera America built a loyal audience across the US and increasingly was recognized as an important new voice in television news, the economic landscape of the media environment has driven its strategic decision to wind down its operations and conclude its service,” the network said at the time.