CNBChad its beginnings around 1980 as the Satellite Program Network (SPN), showing old movies, instructional and entertainment programs. The name was later changed to Tempo TV. NBC opted to lease the channel's transponder in June 1988. The channel was relaunched on April 17, 1989 as the Consumer News and Business Channel. NBC and Cablevision initially operated CNBC as a 50-50 joint venture, choosing to headquarter the channel in Fort Lee, New Jersey.