Around the Net

What Recession? CNN Has Money to Spend

You didn't have to visit the CNN Grill at election time to have experienced America's original cable news network laying it on thick. For much of the 2008 election, CNN's mission seems to have been to go over the top -- to swagger through "the leanest of times."

The network sponsored seven debates, signed up a roster of all-star political pundits and unleashed an array of new audio-visual technology, some from military defense contractors. "When you have the wind at your back in the form of a very profitable streak, you've got to try things, to embrace innovation, to not cringe," says Jonathan Klein, CNN president.

This year the network has racked up double-digit profit growth for the fifth straight year, bringing in more than $1.1 billion in revenue. Sure, 2008 has been a boom year for all the major cable news networks. But CNN is unfettered, unlike, say, MSNBC, which is tied to the sinking fortunes of a broadcast news division. Klein can reinvest its bounty back into its news coverage and whatever else seems appealing.

advertisement

advertisement

Read the whole story at New York Observer »

Next story loading loading..