Time Warner-owned cable news company CNN is closing its TV business news unit CNNfn.

The channel, part of the Turner Broadcasting empire, will sign off mid-December, finally acknowledging it cannot compete with rivals General Electric's CNBC andBloomberg Television.

CNNfn launched in 1995 during a booming financial climate when stock prices were closely monitored every minute of the day and business chiefs oozed the same glamour as Hollywood stars.

Since those heady times markets have cooled, scandals have beset major corporations and business news has lost its sex-appeal.

Jim Walton, president of CNN News Group, says the decision to fold with the loss of around 60 sixty jobs was taken in response to increased competition in the sector and is not a sign of a wider malaise.

Walton insists CNN is thriving with around 100 new jobs being created through the expansion of its Headline News channel.

Data sourced from Financial Times Online; additional content by WARC staff