JUST IN: CNBC Cancels Shepard Smith’s News Show
CNBC canceled Shepard Smith’s evening program, The News with Shepard Smith, Variety reported Thursday.
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.
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.”
Smith was a longtime star in the Fox News line-up and a regular critic of former President Donald Trump, he left the network in October 2019. He told CNN’s Christiane Amanpour in Jan. 2021 he left the network because of lies spread by its opinion hosts.
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.
