CNBC canceling Shep Smith's news show

CNBC is doing away with anchor Shepard Smith's evening news program after two years.

In a note to CNBC employees on Thursday obtained by The Hill, President KC Sullivan said "The News" with Smith would have its final broadcast later this month.

"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," Sullivan wrote in his message to employees. "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 will leave the company at the conclusion of his show's final broadcast.

Smith left Fox News in 2020 to join CNBC and start a new program focused on covering the day's news on the network known for business programming and financial analysis.

Sullivan took over at CNBC in August, and the cancelation of Smith's show is his first major personnel move since his hire. The network plans to create a new Business News program that will launch in the beginning of 2023 in place of Smith's news program.

"Decisions like these are not arrived at hastily or taken lightly," Sullivan said. "I believe this decision will ultimately help to strengthen our brand and the value we provide our audiences."