CNBC, or Consumer News and Business Channel, is a television and news channel in the United States. It can be found on satellite and cable stations and is owned and operated by NBC Universal. The channel covers the financial markets and other business related news. It offers live coverage of many of the financial markets around the world.
CNBC began modestly in 1980 as the Satellite Program Network. It was a low-budget mix of old movies and informational programming. Then it became Tempo Television which was later re-launched as Consumer News and Business Channel. NBC and Cablevision had worked out a 50-50 deal, and at the time the channel headquartered itself in Fort Lee, New Jersey.
CNBC had trouble getting cable coverage at first. Many providers were leery about putting it next to the Financial News Network – a long-standing competitor. In the winter of 1990, CNBC has only reached 17 million homes. This was just half of the viewers that the Financial News Network was pulling in.
FNN later suffered difficulties which resulted in its being acquired by CNBC for $154.3 million in May of 1991. The operations merged and became a strong entity. They hired 60 of FNN’s best employees and expanded to reach 40 million homes.
CNBC and its affiliates now reach 390 million viewers around the world. And in 2007, the network was ranked the 19th most valuable cable channel in the United States and was worth more than $4 billion. The headquarters is found in Englewood Cliffs, New Jersey.