Brian Stelter of the New York Times writes Monday about how CNBC is handling the increased competition from Fox Business Network and Bloomberg Television in the midst of major stock market news.
Stelter writes, “The markets’ wild swings are not necessarily profit-generating for TV news outlets because most advertisers buy airtime far in advance, meaning that the prices do not rise in tandem with the ratings. But coverage of crises can burnish reputations, as the networks attract worried viewers who sample news and stock-picking shows for the first time — or at least for the first time in a long while.
“So far, CNBC — not its smaller rivals — seems to be benefiting the most from interest this month in the last-minute agreement on the United States debt ceiling, the Standard & Poor’s downgrade of America’s debt rating and concern over the stability of European banks.
“Through the first two weeks of August, CNBC, a unit of NBC Universal, had on average 378,000 at-home viewers during the New York market hours of 9:30 a.m. and 4 p.m., up sharply from 224,000 in July.
“Fox Business, a unit of the News Corporation, had an average of 107,000 viewers at those hours, up from 76,000 in July. Bloomberg Television is not publicly rated; private ratings indicate that it too had a surge in recent weeks, though its audience is smaller than that of Fox Business.”
Read more here.
