Newspaper article THE JOURNAL RECORD

Networks Battle in Financial News Fight

Newspaper article THE JOURNAL RECORD

Networks Battle in Financial News Fight

Article excerpt

NEW YORK (AP) -- CNBC is moving aggressively to snatch some of television's wealthiest viewers following last week's resignation of Lou Dobbs, anchor of the nightly business program Moneyline on CNN.

The financial news network announced Tuesday that it is expanding its competing business wrap-up show to one hour and locking in its most marketable personality, stock market reporter Maria Bartiromo, to a new five-year contract.

"We're taking advantage of an opportunity," said CNBC president Bill Bolster. CNN and its financial news offshoot, CNNfn, say they won't back down and they claimed the exit of Dobbs -- perhaps the best-known business TV personality -- hasn't made a dent in the show's ratings. Dobbs said last week he was leaving for an Internet start-up firm. Some bulging wallets are at stake in the financial news fight. CNN's Moneyline is watched by about 387,000 households, more than twice the 183,000 households that watch CNBC's Business Center. While those ratings are a fraction of the 10 million households that watched 60 Minutes -- the No. 1 rated network show last week -- the viewers of the business shows are among the most wealthy in the nation. "The CNBC audience has the aggregate value to buy damn near anything you can advertise, not to mention they could probably buy some of the companies that are advertising," Bolster said. Moneyline earns more advertising revenue than any other show on the network, said Larry Goodman, president of CNN's sales department. In fact, Goodman believes Moneyline earns more in advertising revenue per viewer -- a key measure for advertisers -- than any other show on broadcast or cable television. CNBC, which already is a big money-maker for parent NBC, sees that as a potent vein of gold to be tapped. Although executives won't give precise figures, they say CNBC already has been making double-digit gains in profits over the last few years. It may may soon eclipse NBC, which is losing viewers and revenue, as a profit center, they said. Wall Street's boom during the late 1990s, with the increasing number of Americans investing in the stock market, has made Moneyline an attractive advertising destination for financial service companies, Goodman said. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.