CNBC cancels ‘The News with Shepard Smith’ after two years

News with Shep Smith

Adam Jeffery | CNBC

NBCUniversal’s CNBC canceled “The News with Shepard Smith,” its prime hour aggregator news program, to refocus on business and market coverage.

The network announced the news on Thursday in an e-mail to CNBC employees. Smith will be leaving the network later this month, according to a person familiar with the matter. CNBC will replace Smith’s primetime programming with market coverage until a new live show focused on business news launches in 2023.

“After spending time with many of you and looking closely at various aspects of our business, I believe we must prioritize and focus on our core strengths. I’m business news and personal finance,” CNBC President KC Sullivan said in an email to CNBC employees. “Due to this strategic alignment to our core business, we will need to shift some of our priorities and resources and make some tough decisions.”

Smith’s team, which includes about 20 people, was given the option to end the program later this month but opted to end the program immediately, according to people familiar with the matter, who asked to remain anonymous. named because discussions are private. The company has begun helping employees affected by the termination find other potential opportunities on NBC News Group.

A spokesperson for CNBC said: “We can confirm the last report is Wednesday, November 2nd. “We have decided to do an extra hour of live market coverage next week at 7pm. p.m. ET as we are focused on identifying potential employment opportunities for affected employees on News Group We thank Shep and the entire ‘News with Shepard Smith’ team for their support. their dedication and incredible work over the past two years.”

Smith participated CNBC two years from Fox News to bolster primetime TV ratings. His show has done just that, doubling CNBC’s 7 p.m. ET viewership and garnering the wealthiest audience of any prime-time cable news program in the past two years. , according to Sullivan. “News with Shepard Smith” had the largest average audience last month since April.

The decision to move from Smith is Sullivan’s first major decision since taking over CNBC from Mark Hoffman in September. Hoffman has been the president of CNBC since 2005.

While other news organizations like CNN are taking cost-cutting measures, decided to replace Smith’s show with a nightly business show of a strategic nature. Sullivan is trying to make it clear that CNBC’s brand is specifically targeted at the business sector, with a wide selection on TV and on the internet for more general news, he said in the e-mail.

“We need to invest more in business news content to provide our audience with useful insights into complex developments in the global market and the implications for organizations, publishers, and organizations.” investment and personal,” wrote Sullivan.

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Disclosure: Comcast’s NBCUniversal is the parent company of CNBC.


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