Subhash Chandra got 30 votes - 27 from the BJP and three from the RLP. He was short of 11 votes.
Hours before the Rajasthan Rajya Sabha election results, media baron Subhash Chandra had declared that "Rajasthan politics is the easiest". Mr Chandra, an independent candidate backed by the BJP, lost the election.
The Zee chairman, whose current Rajya Sabha term ends on August 1, made an eleventh hour entry into the contest for four seats in Rajasthan.
His rival, Congress leader Pramod Tiwari, won the seat. Mukul Wasnik and Randeep Surjewala won two more seats for the Congress. The BJP won one seat.
Soon after voting closed, Mr Chandra thanked his supporters, including the BJP, and said he hoped to get "good news".
"I am keeping hope. Whether I win or not, I will stay in peace. Rajasthan politics is the easiest, I have seen Maharashtra and Haryana closely - it's easier here," Mr Chandra had told reporters.
For the BJP, cross-voting was a let-down in its bid for the fourth seat. The party has suspended its MLA Shobha Rani Kushwaha for cross-voting. Her vote slip had been caught by the BJP poll agent but the party failed to stop her from casting her vote.
A candidate needed 41 votes to win a seat.
Mr Chandra got 30 votes - 27 from the BJP and three from the RLP. He was short of 11 votes.
The BJP had 71 votes in Rajasthan. Interestingly, its official candidate Ghanshyam Tiwari won two extra votes, reflecting the party's nervousness about cross-voting. So, Mr Chandra's share dipped.
"When I can expect cross-voting from others, I won't be surprised if BJP does cross-voting," said Mr Chandra, who had demanded that Ms Kushwaha's vote be cancelled.
"I thank everyone who has given votes or who wanted to and couldn't vote for me. I'll do the work from Rajasthan whether I get the votes or not. I'm thankful for all the love I have received in 10 days," Mr Chandra told reporters.