"The News" is Cancelled

CNBC thought they had a sure thing when they signed former Fox News Anchor Shepard Smith to do a straight newscast for the financial network.

CNBC gave Smith a fat contract, but a new studio and spent a ton of money trying to promote the show.

And it never caught on with viewers.

Now, CNBC has decided to pull the ripcord, and “The News with Shepard Smith” will be canceled later this month and Smith will leave the network.

CNBC says that they are changing its focus back to business and financial news which makes sense since they are supposed to be a business and financial network.

CNBC President KC Sullivan sent an internal memo to the staff about the axing of The News:

Team,

After spending time with many of you and closely reviewing the various aspects of our business, I believe we must 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.

As a result of this strategic alignment to our core business, we will need to shift some of our priorities and resources and make some difficult decisions.

To that end, we have decided that The News with Shepard Smith will have its final newscast later this month. The News set out on a bold mission of providing non-partisan, fact-based reporting on the most important stories of the day in the U.S. and around the world. The quality journalism Shep and his team delivered each weeknight was exemplary and not lost on us or our 7pm audience. The News increased CNBC’s 7pm viewership average and attracted the most affluent audience of any primetime cable news program. At a time when misinformation and disinformation is rampant, The News succeeded in providing audiences with the clearest understanding of the facts.

In its place, we will be investing in a new Business News program that will launch in the beginning of 2023.  Decisions like these are not arrived at hastily or taken lightly.  I believe this decision will ultimately help to strengthen our brand and the value we provide our audiences.

Change is difficult, particularly when talented, good people are impacted.  Over the coming weeks, we will work across the News Group to identify other potential opportunities for many of the affected employees.  Thank you for your continued dedication and professionalism as we work through these changes.

KC