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Competition in Broadcast Business Journalism

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By Andrew Leckey

Though competition in broadcast business journalism is intensifying, the bottom line is still covering complex topics with urgency, accuracy and style.

That’s what business journalists from CNBC, Fox Business Network, Bloomberg Broadcast, “Nightly Business Report” and CNN told journalists attending the Reynolds Center’s daylong “Broadcast Business Journalism” workshop in New York City on April 7th.

The story doesn’t have to be formulaic to be a business story,” said Kathleen Johnston, a senior investigative producer at CNN, whose presentation included video clips of interesting story leads. “You can get the documents and numbers in, but do it in a way that adds to the story and doesn’t turn viewers away.”

The earliest days of broadcast business coverage were recounted by Myron Kandel, founding financial editor at CNN, who said it initially was difficult to get CEOs on the air at all. “The only coverage they’d seen to that point was completely negative, so they wanted no part of it,” said Kandel.

Rivalries in business coverage were discussed by a panel of Scott Cohn, reporter for CNBC; Shibani Joshi, reporter for Fox Business Network; John Meehan, managing editor of Bloomberg Broadcast Americas; and Scott Gurvey, New York bureau chief for “Nightly Business Report.”

While CNBC, Fox Business and Bloomberg Broadcast draw upon vast global news resources, “Nightly Business Report” is a self-contained product. Nonetheless, Gurvey said the onslaught of so many business news outlets hadn’t had a negative impact on his program’s ratings.

Cohn maintained that providing aggressive coverage is the best competitive edge, while Meehan made the point that any top quality reporter can be trained to cover business.

The latest entry into the fray, Fox Business Network, is evolving and growing each day through the hands-on direction of its top executives, said Joshi. Progress is evident, she said: “For example, I’m seeing new commercials on our air.”

This workshop conducted by the Reynolds Center was hosted by the CUNY Graduate School of Journalism in New York City.

*Panel photo: (left to right) Scott Gurvey, “Nightly Business Report”; John Meehan, Bloomberg Broadcast; Shibani Joshi, Fox Business Network; and Scott Cohn, CNBC.

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Copyright © 2008 Donald W. Reynolds National Center for Business Journalism