I copied your sample data including headers into A1:C16 and saw that
Excel interpreted the telecast time as a serial date (the way Excel
keeps track of dates and times). So I converted the time into a 4
digit number (disregarding seconds) so it would compare to the 4 digit
Schedl Time figures. I got the expected results with this formula in
D2:
=IF(AND(VALUE(HOUR(C2)&MINUTE(C2))=VALUE(LEFT(B2, 4)),VALUE(HOUR(C2)&MINUTE(C2))<=VALUE(RIGHT(B2,4)) ),"Within
timeframe","Outside timeframe")

You can copy and paste that formula into remaining cells.