NEW YORK

 The Qatari-owned media network Al Jazeera's U.S.-based news channel will shut down by the end of April, the company announced Wednesday.

The decision by Al Jazeera America's board was "driven by the fact that our business model is simply not sustainable in light of the economic challenges in the U.S. media marketplace”, Al Anstey, the channel's CEO, said in an e-mail addressed to employees.

The channel, headquartered in New York City, was launched in August 2013 after its purchase of Current TV, the cable television network founded by former U.S. Vice President Al Gore.

With its 12 bureaus in major cities across the U.S., the channel promised to offer thoughtful, investigative and fact-based news coverage to American audiences, but it has failed to overcome low ratings.

“I know the closure of AJAM will be a massive disappointment for everyone here who has worked tirelessly for our long-term future,” Anstey said.

“Our commitment to great journalism is unrivaled. We have increasingly set ourselves apart from all the rest," he added.

As part of Wednesday's announcement, the company said it would "commit to a significant expansion of its worldwide digital operations into the U.S. market".

“As audiences increasingly turn to multiple platforms, including mobile devices, for news and information, this expansion will allow U.S. and non-U.S. consumers alike to access the Network’s journalism and content wherever and whenever they want,” Al Jazeera Media Network said in a statement.