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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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From: TFF10/28/2004 12:58:49 PM
   of 12617
 
CNNfn Shutting Down After Nine Years

38 minutes ago Television - AP


By DAVID BAUDER, AP Television Writer

NEW YORK - CNN will shut down its struggling CNNfn financial news network in mid-December, giving up its attempt to compete with CNBC after nine years.



A handful of programs will be shifted to the main network. CNN also said it is planning changes for its Headline News offshoot, offering prime-time programming instead of a constantly repeating 30-minute newscast.

CNNfn is only available in about 30 million of the nation's 110 million television homes. With the coming expiration of its deal with the DirecTV satellite system, it faced the prospect of losing more distribution.

It launched in December 1995 when business, and business news, was hot. CNBC's ratings plunged when the Internet bubble burst on Wall Street, and CNNfn failed to gain footing, too.

Management turmoil didn't help: CNNfn's biggest star, Lou Dobbs, left in 1999 and then returned in 2001. He'll continue his program on the main network. CNNfn also announced in 2001 that it was changing the network's name to CNN Money, but the idea was dropped after a management change.

The network has recently shifted focus away from Wall Street toward personal finance. Two of its programs — the real estate series "Open House" and "Dolans Unscripted," a talk show with personal finance experts Ken and Daria Dolan — will move to the main network.

Sixty jobs will be eliminated, but CNN said it will add about 100 new jobs with the Headline News plans.
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