A bomb disposal squad was called in to defuse the bomb that was found under Geo News anchor Hamid Mir's car by his driver.
The driver spotted the IED after Mir returned to his home in Islamabad from a nearby market.
The bomb, hidden in a black bag and packed into a tin, contained a locally made explosive, a detonator and a battery, the channel reported.
It aired footage of a member of the bomb disposal squad, clad in protective clothing, defusing the bomb.
No group claimed responsibility for the attempt on the life of Mir, who hosts a night-time talk show on Geo News.
Interior Minister Rehman Malik told the media that an inquiry has been launched into the incident.
He announced a reward of Rs 50 million for anyone who provided information leading to the arrest of those involved in the attack.
Malik said the IED had contained half a kilogram of explosive material. He added that complete security will be provided to Mir.
Two journalists would be included in the fact-finding committee under the chair of the magistrate to probe the incident, Malik said.
The Minister acknowledged that several other media representatives had received threats from terrorists.
He said security alerts were issued as there were reports that a group from Miranshah in North Waziristan was planning attacks on journalists.