People outside of UK might not be aware of this, but before BBC News was not the first to start its 24 hour news channel. Sky News was the very first 24 hour news channel exclusive to UK and later on in Europe. It was formed on the CNN model by Rupert Murdoch and since then has been covering major news events successfully.
The network aired for the first time on 5th February 1989 at 6 P.M. It was a quick success, relying on filling the void that existed in UK in the 24 hour news space. The massive success of CNN had made 24 hour news channels indispensable. People all over the world wanted dedicated news channels. Sky fulfilled that need even before BBC or ITV began to.
Surprisingly, Sky wasn’t interested in profit, in fact, for its $ 40 million investment; it didn’t see profits in the first few years. Murdoch went against the wishes of many when he decided to continue Sky News, despite the suggestions that it would be better to shut down. The network continues to air for free of charge and therefore looks to gain profit from other sources.