Comey Testimony Equals Big Audience, Lost Profits for Cable and Networks

When the final numbers are counted, ratings are expected to be massive for former FBI director James Comey's televised congressional testimony. And viewers had endless choices where to view the most anticipated Congressional testimony of their lifetime.

Comey's testimony has been compared to political touchstones, like the McCarthy hearings and Anita Hill's testimony about Clarence Thomas. 

Broadcast networks NBC, ABC, CBS and Fox joined cable news outlets, radio and internet new sites to carry the testimony live, But the hearing's broad audience reach won't likely translate into big television profits.

Network broadcasters carrying the telecast stand to lose at least 45 minutes worth of advertising revenue. Some calculations put the loss at more than $300,000 an hour.

Broadcast networks rarely cut into lucrative morning programming for news events. Still, the anticipated financial loss did not prevent networks from treating Comey's testimony as "Must See TV."

CBS News announced Monday its morning anchors  Charlie Rose, Gayle King and Norah O'Donnell would anchor live coverage of the testimony. ABC's George George Stephanopoulos and David Muir lead its coverage.