Asia Business News (ABN) was announced in February 1993, as a pan-Asian business news network that would focus on coverage of markets in Hong Kong, Indonesia, the Philippines, Taiwan, and Thailand. The network would be led by Dow Jones & Company and Tele-Communications Inc. (TCI), with Television New Zealand (TVNZ) holding a 36% stake and handling operations for the network in Singapore. The Hong Kong-based Business News Network, Inc., and Singapore International Media Ventures would also hold minority stakes.[2] Its managing editor was Christopher Graves.[3]
ABN launched on 1 November 1993; despite being broadcast from Singapore, the channel's availability in the city-state was limited as private ownership of satellite dishes was still illegal.[4][1] Its studios were located at International Plaza, using floors that had previously been used as a car park.[3] An Indian branch—ABNi—was formed as a joint venture between ABN, Hinduja Group, and TV18.[5][6]
In September 1995, TVNZ sold its stake in ABN to Dow Jones and TCI.[7] The same year, the channel gained a competitor in the Hong Kong-based CNBC Asia; prior to its launch, ABN CEO Paul France questioned whether the market could sustain two business news networks, contrasting CNBC by stating that ABN was not "an Asian branch of an American company", and was "designed in Asia, for Asia".[8] However, as early as November 1995, reports indicated that Dow Jones and CNBC were contemplating a merger of their international business networks in Asia and Europe.[9] Reports of a merger were renewed in November 1997, as both Dow Jones and CNBC were facing financial losses on their international ventures.[10][11]
In December 1997, Dow Jones announced a strategic partnership with CNBC, under which they would merge their networks in Asia and Europe under the CNBC brand,[12][13] and Dow Jones would enter into editorial partnerships for CNBC programming in the United States.[14][15] CNBC Asia would re-locate from Hong Kong to ABN's Singapore studios, resulting in the loss of 150 jobs.[13] The merger was completed on 2 February 1998.[16][17]
