As the NASDAQ Composite (INDEXNASDAQ:.IXIC) was heading for its most significant loss since 2012 – and investors sensed a degree of panic take hold for the first time in recent memory – how did the major business news networks cover it?
FBN blasts coverage into the close
One New York City media watcher pointed out to us that Fox Business News (FBN) blasted coverage into the close while CNBC and Bloomberg both rang their cash register.
FBN “blew out their commercial breaks” for today’s last hour of trading to cover the “massive market selloff” that happened. Liz Claman’s Countdown to the Closing Bell was the only business network to provide continuous breaking news coverage of the drop, the source noted.
Bloomberg and CNBC go to commercial breaks five time, according to source
During what can easily be described a big day, the NASDAQ Composite (INDEXNASDAQ:.IXIC) dropping 3% with its worst day since November 2011, Dow Jones Industrial Average (INDEXDJX:.DJI) chopping off 267 points, Bloomberg had roughly 15 minutes of commercials during the last 40 minutes of trading while CNBC had roughly 14 minutes of commercials (each had 5 commercial breaks each), the source said. FBN was live for the last 40 minutes of trading.
I guess FBN isn’t too worried about paying the salary of the high-priced “money honey” who anchors the morning news on the network. As we had previously reported, an aggressive war for viewers is being undertaken by FBN, including advertising on CNBC’s regional broadcasts.