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.
We’ll know to start looking for an end to Wave 3 when CNBC goes off the air too.