After nine years, CNN is throwing in the towel on its CNNfn financial news network, and News Corp. Chairman Rupert Murdoch has announced plans to launch a FOX financial news network.
CNNfn will cease operations in December. One of the reasons the network decided to fold its financial news network was because of a possible loss of distribution via DIRECTV.
Some of the more popular shows from CNNfn will make their way onto the main network. About 60 people will lose their jobs; however, CNN Headline News plans to add 100 new employees.
On Monday, The New York Times reported that News Corp. plans to produce its own financial news network. The details still remain unclear.
Negotiations for distribution of the new network are ongoing; however, News Corp.-owned DIRECTV will give the fledgling financial network immediate distribution to 13 million households. Back to the top