In Depth: FBN’s Incredibly Shrinking Business News Coverage…
Last Friday ICN broke the news that FBN would be canceling several programs including Fox Business Morning; the latter being replaced by a Best of Imus hour. Part of me was hoping my sources were wrong. They weren’t. My DVR showed the Best of Imus when I played FBN’s 5am ET hour on my DVR this morning.
I would imagine the reason for the cancellation of Fox Business Morning boils down to ratings, as most of cancellations do. We can’t tell of course because FBN continues to hide behind that “we’re not officially rated by Nielsen” sieve of theirs – it’s a sieve and not a shield because ratings occasionally drip out when the network…or its competition…wants to try and emphasize a point – but it seems the likely reason.
What is more telling however is the decision to cancel the show outright and replace it with tape rather than change the format or the hosts. Apparently tinkering was not an option. When Imus came on board FBN ceded 6-9am to CNBC and Bloomberg for business news coverage; FBN’s cut-ins and internet broadcasts non-withstanding. But it still had 5-6am for business coverage of pre market open news. Now that’s gone too. CNBC and Bloomberg now essentially own the pre-market open news cycle.
It is a striking contradiction in approaches; FBN’s capitulation on pre market open coverage and FBN’s continued drive to boost its business journalism bonafides by hiring more name brands like Charlie Gasparino to boost its roster. It sends mixed messages to its viewers as the branding gets more murky and FBN’s identity gets more schizoid.
MSNBC has for years been the butt of jokes on the weekends because it has inadvertently cultivated the reputation as the network which only covers news until noon. FBN now risks receiving similar ridicule as the business network that mostly covers business news when the US markets are active. For all of CNBC US’s faults in abandoning prime time and weekends to tape while its international siblings continue to cover the markets – watching CNBC World from Palau for two weeks was a real eye opener for me vis a vis how much CNBC US is not covering – CNBC US (and Bloomberg) still covers business news more of the time than FBN does.
The whole reason FBN was launched in the first place was to be an alternative to CNBC based on the premise that CNBC had lost its way in how it covers business news and was out of touch. Covering business news less often would seem to me to not be the solution however and it appears more and more like FBN is the network that is losing its way in how it covers business news. And it makes me want to revisit the question of why Alexis Glick, who wasn’t just an anchor but the Director of Business News, was let go.
May 10, 2010 at 7:14 am
FBN can’t blame Alexis Glick anymore for their crap ratings..
Btw, I guess hiring Claman, Gasparino, and Stossel was a colossal waste of coin, eh?
Let me translate this one for the anonymous PR hacks: It doesn’t matter who you hire, no one cares about Fox Business! And apparently the own network feels the same otherwise they wouldn’t be cutting biz programming.
May 10, 2010 at 7:34 am
Come on!
FBN has the same programming from 9:20am to 8pm
So they got rid of a 5am show, who cares…
CNBC doesn’t get much ratings from that spot so I wouldn’t imagine FBN getting much since they’re in only half the homes.
If they were changing shows during the most important time of the day like when Liz anchors then I would be worried about FBN. Not some 5am show…
May 10, 2010 at 8:00 am
So they got rid of a 5am show, who cares…
CNBC doesn’t get much ratings from that spot so I wouldn’t imagine FBN getting much since they’re in only half the homes.
This is a business that’s part ratings and part branding. FBN’s brand is supposedly business news. If the network cuts four hours of business news coverage for something that isn’t really business news related, it hurts branding. What’s FBN supposed to be? A business channel or the Imus network?
Another thing, the purpose and audience for a business news channel isn’t the same as a non business news channel. You can make a case, with some justification though I would disagree, that the non business news channels don’t have to cover the news in depth from 6-9. It’s much tougher to make the same argument for business news channels because business news viewers want to be informed of business news before the markets open. And you can’t do that with business headline cut-ins.
May 10, 2010 at 8:02 am
And Terance, you go too far and I don’t agree with your reasoning.
May 10, 2010 at 8:16 am
Even though Murdoch can eat the losses no one wants to lose $$$ and FBN says they will be in the black or start making $$$ in 2-3 years.
Say you open a donut shop and you’re losing 5 million a year but you can cut losses by 2 million if you offer something differant in the morning ex. burgers etc…
You would still go with your original plan and lose that couple million?
This is what I think Fox execs are thinking. The mornings are tough in the ratings for FBN and it’s not as important as when the markets open so they bring in IMUS for buzz, more ad dollars and getting more cable coverage which he has done.
When FBN gets more traction, cable coverage, WSJ exclusivity and starts being in the black or earning $$$ then they would start to revamp the morning lineup.
Smart business move imho…
May 10, 2010 at 8:29 am
Ya know FNN used to show wrestling in off hours with the ticker at the bottom of the screen.
May 10, 2010 at 8:43 am
Concerning FBN’s ratings/subscriber base..
They have 50M subscribers now. What makes ya think an additional 50M would watch with any more frequency? I think anyone in the field of projections would say they’d be lucky to double their current audience. So, would double their current audience be anything to crow about?
No, but it’d be something to laugh about since they couldn’t play the “subscriber card” anymore.
May 10, 2010 at 8:50 am
“What is more telling however is the decision to cancel the show outright and replace it with tape rather than change the format or the hosts”
Like MSNBC, and doc blocks after what is it 10:00 at night? And on the weekends unless there is some big breaking news? MSNBC goes to tape.
I have not watched non stop a whole day of FBN, but I have on different days surfed over to check out the lineup.
So far I like Imus, Varney & Company, Cavuto, David Asman’s program.
The Happy Hour Concept – it doesn’t appeal to me, but I might not be the target demo, that may be to attract a younger male demographic? I think that’s also the case with Liz Claman.
Dave Ramsey uses up a lot of air time to scold people for not being frugal…the Dr Laura of business news LOL.
So those are the programs that leave an impression, and out of them, the ones I listed first are the ones I find compelling…..meaning I don’t reach for the remote to change the channel.
May 10, 2010 at 9:02 am
Imus is leading into himself with “Best of Imus” FBN
MSNBC has Willie Geist “Way Too Early With Willie Geist” he is the lead in for Morning Joe, and his program is 30 minutes.
This is smart programing IMO I like Willie Geist.
http://en.wikipedia.org/wiki/Way_Too_Early_with_Willie_Geist
Who can they get to lead into Imus in the Morning? They have Collin McShane – Hottie McBusiness maybe they should look at a similar 30 minute program for him, as a lead into Imus In The Morning.
FBN’s version of their sister channel’s “Red Eye”
May 10, 2010 at 9:17 am
Say you open a donut shop and you’re losing 5 million a year but you can cut losses by 2 million if you offer something differant in the morning ex. burgers etc…
You would still go with your original plan and lose that couple million?
Not necessarily. It depended on whether I wanted to be a donut shop or not. If I’m a donut shop and I’m losing that kind of money I’d probably change products, but then I lose the right to call myself a donut shop.
Same thing for FBN. If they’re going to gut business news in the pre-market hours, then they lose, at least in part, the reasoning for being a business news channel in the first place.
If/when they decide to revisit the issue and start covering pre-market in more depth, I’ll applaud them for it. Until then they get a bronx cheer…
May 10, 2010 at 12:13 pm
And CNBC used to have golf and auto racing on the weekends 10 years ago.
May 10, 2010 at 12:41 pm
Great posts lurkeriou! Nice to see someone knowledgeable on the subject posting. Alot of the rest of the comments seem like they could just as well be from CNBC and Bloomberg PR hacks.
I do love their enthusiasm though. They have the audacity to try and criticize a brand new network while overlooking a channel wiht a 20+ year history that still does not program at night and weekends.
Why aren’t they touting CNBC’s highest rated shows last month?:
Enron the Smartest Guys In The Room ( $ demo)
American Greed
Next up was the great business show– CELEBRITY APPRENTICE!
A great show for those market managers who want to learn the ins and outs of the business world from Brett Michaels, Goldberg, Sharon Osborn and all the rest.
and in the first quarter it was:
Marijuana Inc by far their most watched show (where it matters)
American Greed
Coca Cola
Big Macs
The top rated shows after 20 years on the air! But remember kids, its far better to EXCUSE CNBC over that.
Also, be nice in a few years if FBN changed its name to the WALL STREET JOURNAL network. Then they could cover everything. Entertainment, poliltics you name it.
Now its a big deal because FBN airs best of IMUS at 5:00 am? Nobody is watching then. Heck, nobody watches CNBC at 6:00 for SB. 40K viewers in the demo. Of course by the time the markets open they are up to 70K in the demo.
.
Of course who cares that at 5:00 am its (4/3/2 am in the rest of the country). Now granted, RED EYE on FNC beats everything on CNBC but thats because they have the “leg chair”.
Besides FBN was set up to cover main street. It was to target the average investor. And the average investor would rather be watching F&F or Imus etc instead of keep hearing about overnight on the Nikkei or London Stock Exchange. Sure, FBN might get some ratings in the morning if they hired UK hottie Immogen Lloyd Webber but save her for something better.
If Bloomberg wants to do auto racing–who cares?! Like I had said before, I think FBN should start airing golf on the weekends. Heck, more business gets done on the golf course these days… so might as well promote it on the “business network”.
I would also point out if anyone wants to attack FBN over their recent moves they should be attacking it for giving Gerri Willis her own show. Talk about clueless ones when it comes to financial news! In the past, she blew an easy question on “The Daily Show”. On a recent “Red Eye”, Andy Levy showed her to be on par with Courtney Friel when it came to brains. She couldn’t answer one of his simple questions and just tried to ‘play’ her way out of it. Andy then came back with something along the lines of: If we don’t get FBN, I guess theres no need to request it. Something like that and it was priceless. If some of you who constantly show your hatred of FBN (while always making excuses for CNBC/Bloomberg) want to attack FBN–then heres a great chance.
May 10, 2010 at 12:48 pm
If Bloomberg wants to do auto racing–who cares?! Like I had said before, I think FBN should start airing golf on the weekends. Heck, more business gets done on the golf course these days… so might as well promote it on the “business network”.
This, I agree with. Piling more hours of Don Imus on a “business network” during weekdays is lame, but who cares about the weekend? You’re gonna get all the business news you need from regular news channels. Let ‘em run commentary-less sports cars or Shamwow or whatever the hell they feel like. Best of Imus all weekend, for all I care. Nobody watches business news on the weekend.
May 10, 2010 at 1:36 pm
LMFAO!
You can ALWAYS (and I mean ALWAYS) count on the delusional ‘starbroker’ to help prop up the dying and sagging FBN. Its been THREE years, and he’s still yapping the same ol’, same ol’.
Freakin’ hilarious.
Yet he STILL has no answer for why, 3 years later, FBN has yet to release ANY ratings – even though Fox News had done so by the 3 year mark. Hmmm……..I guess showing a scratch for EVERY hour during the business day isn’t too appealing, eh?
May 10, 2010 at 2:18 pm
Dying and sagging FBN? You mean the network that is poised to be in the black next year? Pretty outstanding accomplishment in less than 4 years.
Also, how many new big hires have they had in the last 6 months? Once again, hardly dying network.
But we know how actual “facts” don’t matter to some people.
I mean lets attack FBN for not being rated after 2 1/2 years. Of course people like WheresTheBeef will just make up numbers and “claim 3 years” a little over 5 months early.
Also, its far better to whine about FBN and its 2 1/2 years without being “rated” when BLOOMBERG has been on the air since Jan 1994 and they still aren’t rated.
Of course also notice how the haters won’t touch CNBC highest rated shows: Enron, Coke and other great programming. 20+ years
May 10, 2010 at 2:28 pm
I always thought being a cable news junkie was kind of geeky and weird…until I discovered business news junkies. It’s like being an auto racing fan, and meeting someone who only follows FIA GT. OK, that analogy is only funny to me..
May 10, 2010 at 2:29 pm
LOL whatever starbroker – the story is going to be the EXACT same in 5 months time.
And again, do you have an explanation for why Imus’ ratings have nosedived -40% since his debut – a not-so-shocking fact I learned today reading another blog…..?
*crickets*
May 10, 2010 at 3:10 pm
Where’s the beef now sites “anonymous blogs” that he can’t name or provide a link for his “claim”.
Regardless of his “claim”, Imus averaged 108,000 viewers from January through March 14, according to Nielsen Marketbreaks. Imus’ first week the show averaged 148K. Even at 108K for an average from 6-9 am that’s pretty damn good considering in the 1st quarter, your channel CNBC averaged 158K viewers during those 3 hours (and they have DOUBLE the potential audience.
OUCH! Crickets chirping from the hater gallery!
May 10, 2010 at 3:11 pm
cites- not sites
May 10, 2010 at 3:29 pm
There’s nothing like a critical FBN post to bring out the trolls and hacks on both sides of the issue.
And Starhacker…er broker…if FBN does rebrand itself as the Wall St Journal network in a few years with a broader coverage pattern, that would be interesting, but that would be more a of a direct competitor to FNC don’t you think? Not sure Ailes or Murdoch would want that.
Oh yeah, you can drop the strawman argument of Main St vs. Wall St in regards to FBN programming. Whatever validity there might have been at one time to that argument, the fact is the network’s PR wing still pitches profile stories at high end investor mags nobody but the financial elite knows about or reads. And I haven’t seen any profile articles lately (lately meaning in the past half year or longer) that talk up that old “main st. vs. wall st.” slogan.
And it’s totally fair game to talk about FBN and its not being rated when at the outset it was made known to a bunch of us in the coverage sphere, myself included, that FBN was taking steps to get rated officially and that the projection was it would get rated in about a year. That was 2.5 years ago.
FBN since that time has not once offered up a reason for this delay. The only thing it has said is that it doesn’t talk about ratings (hah!) because it isn’t rated by Nielsen. Most of the MSM buys this hook line and sinker because they’re l;azy. But some of us who were around covering FBN when it launched have long detailed memories.
Bloomberg on the other hand hasn’t gone this route. It hasn’t talked about being in the process for getting rated when it launched and then essentially turtled from going to the last step and not offered up any explanation as to why. As FBN did.
So, yeah, under the circumstances FBN’s ratings “dodge” is a legitimate argument and point of criticism.
May 10, 2010 at 3:32 pm
And if FBN offered up an explanation, any explanation, as to why it’s holding back on getting rated, that would be enough for me and I would drop the matter. That they’re apparently stonewalling on the issue is telling.
May 10, 2010 at 3:35 pm
LOL @ starbroker…just can’t catch a break, can he?
And for the record, 108k – which is DOWN from his debut – is nothing to gloat about at all, because
a) Fox Business is still a young channel – it should be GROWING, not shrinking
b) While Squawk might be at 150k, at least at 9pm-onwards their audience continues to GROW….not SHED -70% once Imus goes off the air.
But you keep rambling on like a moron….it’s what you do best.
May 10, 2010 at 3:45 pm
Well of course as you can tell WheresTheBeef showed he can’t even produce a link or the name of the “blog” he got the information from. How hard is it? You just read it earlier today.
So now he is fine with 108K viewers for Fox Business while CNBC only averaged 158K during the 1st quarter.
Also, how nice he wants to act like CNBC’s ratings are growing. Do any simple search and he will see how far CNBC’s ratings have fallen off the cliff. But of course, he doesn’t mention that. He claims they are growing.
Just love all these who can’t back up squat!
May 10, 2010 at 3:56 pm
Uh you moron, when I say “grow” – I mean that MORE viewers actually tune in at 9am than at 8am…..unlike Fox Business, where 70% of Imus’ audience flees once the “real” business programming begins. And since you have access to those rankers (you know, the one that Fox Business isn’t on?)….you can see that SOTS at 9am, 9:30am and 10am are some of the HIGHEST ranked CNBC business day hours.
And do you also need a refresher on how POOR and OLD Imus’ audience is? A crap audience demographic, and a declining viewership…..but apparently, starcrapper thinks that’s all great.
(http://www.businessinsider.com/the-demographics-for-don-imus-on-fox-biz-are-terrible-2009-10)
Secondly, CNBC’s ratings might have been “down” last year – but their profits only declined 7% – they still made nearly $350 MILLION in profits…which BLOWS Fox News out of the water when you compare their total viewer numbers.
And finally, the 108k I’m actually fine with – that’s correct. And the -40% decline came from the fact that Imus’ debuted at 177k…..in other words, Imus was able to hold ZERO of his first day audience….and has fallen off a cliff since then.
But please, please, PLEASE – keep talking. The more idiotic things you say, the more even *I* realize FBN is in worse shape than I thought. Thanks for the refresher!
May 10, 2010 at 4:23 pm
LOL So know he admits he tried to compare the 1st day Imus numbers (not even a weeks worth). Pathetic!!!
the more even *I* realize FBN is in worse shape than I thought– Of course, he says this about a channel that is set to be in the black next year. Wow, in the black after 3 years. How long did it take FNC to reach that point???
Also, while its true that at the moment, CNBC does enjoy great profits (mainly due to their large license fee -in relation to their viewership). But don’t fret, remember that FNC’s revenue last year was based on an avg 49 cent fee which will continue to skyrocket in the coming years to .75 to .80 (in the current contracts).
Also, I believe it was MultiChannel news that pointed out recently FNC is getting ready to once again negotiate the next round of contracts with satellite/cable providers. They also pointed out how FNC will be looking for a substantial increase.
So you could see FNC go from .75 to .80 (in the current contracts) to $1.25 or more. Who knows how much they will be able to arm twist. But while FNC has that leverage due to viewership (total numbers–of course it doesn’t matter who is watching).
But CNN/HLN will they be lucky to see gains? Doubtful
Will MSNBC see any gain from their measly .13-.15 range? Doubtful!
With their huge ratings decline will CNBC be lucky to get anymore than their already outrageous .26? I wouldn’t count on it.
But you can look for newscorps profits from FNC to keep going up, up, up. 5 years from now they could be receiving $1 a month from every household (95 million homes). Those people who try and boycott Glen Beck always forget pesky things like that.
But you really must be upset that FBN gets .11 to .13. So yeah, you keep making fun of FBN when it gets almost per month what Keith Olbermanns channel gets. And you say how bad they are doing will it will be one of the fastest channels in the black.
May 10, 2010 at 4:50 pm
Here’s the FNC Eyes Renewals Story:
http://www.multichannel.com/article/452280-Fox_News_Eyes_Renewals.php?rssid=20059
May 11, 2010 at 7:39 pm
fbn will be like fnc soon. murdoch might as well give up on a biz channel. there’s just not room enough for it. fbn has got to gain trust of the viewers…thats why cnbc gets the numbers.
May 11, 2010 at 10:12 pm
I’m not really willing to read through all the comments above, but here’s the primary problem with FBN: Who actually receives this channel?
We have an extended basic cable plan here, and we get the main cable nets [FNC, CNN, MSNBC, CNBC] w/out Bloomberg or Fox Business, and I can’t help but imagine most places are the same.
Also, if anyone here’s watched FNC’s business programming, I can’t help but imagine the rolling stuff on FBN isn’t much better. I watched “The Cost of Freedom” from 2005 to 2007 and it was literally predictable every weekend what the topic was: “Democrats plan to tax you by [X]” or “Liberals want to do [X] to industry” and it was just the same cycling words every weekend.
Maybe someone can prove me wrong that actually has the network, I’ve only seen tidbits, but CNBC does a perfectly good job during the day, focusing on numbers, reporters, and content, and seldom plays the politics card, even as they’ve shifted towards the FOX model.
I don’t know. I’d bet FBN turns into a FOX Talk Channel or something in four years if money/ratings don’t really build for business, and they can’t just have a second FNC w/out the F&B tagline.
May 12, 2010 at 5:48 am
[...] In Depth: FBN’s Incredibly Shrinking Business News Coverage… « Inside Cable News [...]
June 21, 2010 at 9:36 am
My cable company still doesn’t even carry FBN; so I have CNBC on, now. Whose fault is it that FBN cannot even get carried on a cable channel?
Cavuto is laughable when does his Schtick “if you don’t get it, demand it”….
(i’ve been demanding they get rid of Cavuto’s show on FOX News channel and they don’t listen to me, so that’s why his schtick is laughable.
December 23, 2010 at 4:15 pm
I have never been able to understand why FBN’s talent have never been paraded in the few times daily that they have exposure; it’s not because of Neil Cavuto for sure; CNBC is the only so-called business news that COX carries, and on the Saturday business block they waste it with Cavuto and the female who’s loud and unlisten-able. Her shrill PREDICTIONS…is too much to listen to on Saturday morning.
December 23, 2010 at 5:02 pm
Oh, the female reporter I was referring to is Brenda Butner; it’s amazing to me that they don’t use their female talent that they hired from CNBC and CNN for that Saturday show and rotate with Cavuto so that the few business eyeballs would get to see there were other personalties on FBN, too.