On April 17, 1989 CNBC went on the air. At the time, there was a more established all-business channel called the Financial News Network. But in 1991, FNN ran into financial troubles and CNBC acquired it for $154 million, creating a merger of the two networks. Talent including FNN’s Ron Insana and Bill Griffeth would join CNBC originals Sue Herera and Ted David. It would take another 16 years for CNBC to get another competitor, in Fox Business Network.
So what’s happened with the markets in those 27 years? Well, the Dow Jones Industrial Average closed at 2,337 on April 17, 1998. Today it closed at 17,826, up +662 percent. The NASDAQ closed that day at 417. Today it finished at 4,931, up +1082%.
Today is the 26th anniversary of @CNBC. Our @ScottCohnTV, on that day. pic.twitter.com/0TzXVINrjy
— Carl Quintanilla (@carlquintanilla) April 17, 2015
The 26th anniversary comes on a day the network is seeing some executive producer shifts.