Posted on 10/29/2004 1:06:04 AM PDT by kattracks
Time Warner's CNNfn waved the white flag yesterday, saying it was shutting down after nine years of unsuccessfully competing with CNBC for the top business cable station.Jim Walton, CNN president, said the network, available in 30 million homes, would close shop in mid-December, replaced, perhaps, with CNN International, which is now broadcast on the weekends over the same channel.
About 60 of CNNfn's 110 employees will be affected by the move, although Walton said he didn't expect nearly that many to be out of work. About 100 jobs in the news group had just been posted, many at Headline News.
CNN was still talking with cable operators and no decision has been made on a replacement for the valuable real estate now occupied by CNNfn, said Walton, who gave CNN International as one possible replacement.
CNNfn was launched in December 1995, at the beginning of a bull market. In the network's first four years, the Dow Jones Industrial Average soared from under 5,000 to over 11,000 and CNNfn and CNBC personalities were treated like rock stars.
But that was then.
(Excerpt) Read more at nypost.com ...
It's about time. CNBC and Bloomberg are both far superior.
Good riddance to p!ss-poor rubbish
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