CNBC Increases Profit for a Fourth Year

CNBC, the business news network which used to have the tagline 'Profit from it', is doing exactly that, by reporting a fourth year of double digit profit growth according to network president, Mark Hoffman.  Speaking at the annual UBS Global Media and Communications conference, Hoffman highlighted the network's coverage of the world economic and financial industry crisis which bolstered CNBC's viewing figures across the globe.  Hoffman also spoke about the General Electric and Comcast deal, in which Comcast is poised to acquire 51% of NBC Universal, the parent company of CNBC.

Georg Szalai of The Hollywood Reporter wrote;

Current majority owner GE has never interfered and has been very supportive of CNBC, he told the Wall Street crowd. And the time he has spent with Comcast chairman and CEO Brian Roberts and COO Steve Burke "has laid a tremendous foundation for where we're headed," Hoffman argued.

He also mentioned that the two Comcast leaders are users of CNBC's TV and online offers. "I feel very good about it," he summarized his take on the deal.

Asked about the effect that competition from Fox Business and Bloomberg TV has had on CNBC, Hoffman said: "We haven't seen any impact on the top line. ... We're in our fourth year of double digital record-breaking profits."

Asked about ratings gains amid the financial crisis, he said the initial effect was a "spectacular audience" that allowed the second-most profitable NBC Uni channel behind USA to temporarily go "from a niche channel to really a populist channel."

Read more here.

Acknowledgements: Talking Biz News