NEW YORK: After nine years on the air, Time Warner's CNNfn will shut down next month, leaving its shows and financial PR shops to scramble for new outlets.
The network's signature programs, Open House and The Dolans Unscripted, are expected to find a home on one of CNN's other networks. Sixty of the network's 110 employees are slated to be impacted by the closure.
CNN will continue to operate CNNfn's website, CNNMoney.
"We came to the conclusion that we would have more potential for growth in going some different ways," said Jim Walton, president of CNN News Group, during a conference call with reporters. "We looked strategically at what assets were in front of us, and we saw that we had two fully distributed networks in CNN and Headline News."
Peter Himler, chief media officer at Edelman, said the network served as a great outlet for those in financial media relations. "[The closing] is not a positive development for those in our business," he said.
CNNfn's closing could provide an opportunity at shows like Nightly Business Report on PBS, as well as for networks like Bloomberg TV and Wall Street Journal TV. "There are many alternatives and other outlets," Himler said. "Maybe now they'll get some attention."
Ray Kerins, GCI Group's EVP and managing director of media relations, said GCI still pitches clients to the network, although it had less frequently in recent years. "[The closing] was not a surprise at all," he said. "The surprise was that it took so long."