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CNBC has announced that Shepard Smith’s evening program has been canceled after abysmal ratings. Smith, a former anchor at Fox News, failed spectacularly to deliver the ratings the network expected.
“The costly bet that viewers would watch Smith deliver a 7 p.m. news program on the business network never paid off in the ratings. Now, Variety reports the network’s new chief sent out a memo laying out his vision for the network to return to business news. KC Sullivan, who replaced Mark Hoffman, as the head of CNBC earlier in the year made clear he wants the network to focus on business news,” Mediaite reported.
Sullivan sent a memo to staffers saying the network will now “prioritize and focus on our core strengths of business news and personal finance. This is key in our efforts to continue building on our position as the number one global business news brand and to connect with new audiences of all kinds interested in their financial future.”
“We need to further invest in business news content that provides our audiences actionable understanding of the complex developments in global markets and the implications on institutions, investors and individuals. During times of flux and uncertainty, our place in the lives of those we touch on-air, online and in person becomes even clearer, and more essential,” he added.
Smith’s show will reportedly be replaced by an hour of business news.
Variety’s Brian Steinberg noted the “anchors for that program will be named at a later date, and it remains to be seen whether CNBC will select candidates from among its current roster or seek to woo someone from outside its ranks.”
“He was not cheap for CNBC. According to a Washington Post report, Smith cost the network roughly $10 million per year and his show had a staff of 25 people,” Mediaite reported.
CNBC canceling Shep Smith’s news show https://t.co/xsR5KQczuZ pic.twitter.com/CjuamcBhGK
— The Hill (@thehill) November 3, 2022
CNBC isn’t the only network in trouble.
Another change is coming to CNN as the network attempts to decide how to fix its ratings. Anchor Jake Tapper was promoted to a primetime timeslot held that was held by Chris Cuomo, but now, after ratings not matching his competitors, Tapper is being moved from his new show, The Daily Wire reported.
“As part of a special lineup, Jake agreed to anchor the 9p hour through the midterm elections,” a spokesperson for CNN said. “At the completion of that schedule, he’ll be returning to his award-winning program The Lead. We will announce post-election plans for that time slot in the coming days.”
The Daily Beast reported:
The network had originally announced Tapper would helm the 9 p.m. slot through the election, but after an extensive promo campaign and high-profile guests (including President Joe Biden), there was speculation Tapper could ultimately become a permanent host of the time slot left vacant by Chris Cuomo, who was fired by CNN last year. Still, the anchor was not able to trump his time-slot competitors in ratings, often falling far behind competitors Alex Wagner Tonight and Hannity (on MSNBC and Fox News, respectively) in total viewers and alternating with the MSNBC host for second and third place in the key demographic of viewers ages 25 to 54.
More cuts are coming to CNN and the staff at the cable news giant is frightened. The new CEO, Chris Licht, spoke to CNBC about the changes to the network and the fact that his review of the company ended last week, CNBC reported.
Licht’s review is part of a larger effort spearheaded by Zaslav, who has told division heads throughout the company to rethink their units and find ways to cut costs. More than 1,000 people will be laid off by Warner Bros. Discovery before the end of the year, said the people, who asked not to be named because the discussions are private and ongoing. Warner Bros. Discovery has about 40,000 employees.
Licht doesn’t have a specific order to cut a certain amount of jobs or save a specific percentage of spending. But he’s planning to cut parts of CNN that he have become bloated over time, said the people. A CNN spokesperson declined to comment.
But some employees are concerned by his hands-off style and are frightened that he is evaluating them. There is also the issue of the collapse of CNN+, which former CEO Jeff Zucker thought was the future of the company, which led to hundreds of people being hired, then laid off.
