NSS 7 at 20.0°W
BBC World News
It’s a matter of habit – CNBC was the first TV network to focus exclusively on Wall Street, starting in 1989. Until then traders were eyeing computer screens filled with numbers. CNBC, in contrast had actual people – it was a nice break from the monotony.
Competition came in late – Bloomberg TV came 5 years after CNBC launched, while CNN fn came 6 years later and closed its doors in 2004. Having got used to CNBC format for half a decade, few were willing to switch to something new where it was questionable whether quality was higher.
CNBC is far from “totally useless” – Network breaks news and hosts impressive guests, which often enough move markets. An extra minute that would take Reuters or Bloomberg Professional terminals to retransmit the news which first came out on CNBC meant millions lost on Wall Street.