"A motorcyclist threw hand grenades at the premises of the Din News TV in Gulberg area and managed to flee," the TV channel's Lahore bureau chief Mumtaz Bhatti told reporters.
He said one of his employees and two policemen were wounded in the attack.
The blast shattered the windowpanes of the building and a number of vehicles parked nearby were also damaged.
"We have deployed police at all media houses in the city as there is a threat to them from terrorists," he said.
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The attacker also threw a pamphlet claiming that the attack was carried out by the Islamic State terrorist group to warn the media to not side with the government or the army on Sharia issues.
"If the media does not stop supporting the Pakistani government and the army which are not implementing Islam and Sharia in the country such attacks will continue," it warned.
Prime Minister Nawaz Sharif, Punjab Chief Minister Shahbaz Sharif and the journalist organisations have condemned the attack and demanded the arrest of the culprits.