The Washington Examiner reports that CNBC just ended The News with Shepard Smith.
CNBC revealed its decision on Thursday in an email that it sent to CNBC employees. The network explained that the decision was made in order to “refocus on business and market coverage.”
CNBC President KC Sullivan wrote:
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. 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.
Smith, apparently, was given the option of either ending his show immediately or winding it down by the end of this month. Smith and his team chose the former, and it has been confirmed that the final broadcast of Smith’s show was on Nov. 2.
We can confirm the last newscast was Wednesday, November 2. We’ve decided to do an additional hour of live market coverage next week at 7 p.m. ET as we are focused on identifying potential job opportunities for affected employees across the News Group. We thank Shep and the entire ‘News with Shepard Smith’ team for their incredible work and dedication over the past two years.
CNBC, ultimately, is going to replace Smith’s show, in 2023, with a new show focusing on business. For now, though, it is just going to replace Smith’s show with markets coverage.
One of the questions here is whether CNBC is simply ending Smith’s show or whether it is getting rid of Smith altogether. The answer appears to be the latter.
CNBC reports, “Smith will be leaving the network later this month, according to a person familiar with the matter.”
Smith thus lasted about two years with CNBC after his departure from the Fox News Channel.
What’s going on?
We are seeing shakeups like this by several mainstream media outlets, including CNN and CNBC.
The problem appears to be that they are putting a product out there that the American people just are not interested in. And so, the networks are turning to new management hoping to recover some viewership before complete financial ruin.
Smith’s firing is the first major decision made by Sullivan, who just took over for Mark Hoffman at CNBC.