CNBC Hit by Layoffs in Newsroom Restructure
CNBC, the business and markets-focused cable news network, laid off some staffers on Thursday as its newsroom restructures following its parent company Versant’s split from Comcast.
The cuts will see fewer than a dozen people leave the network, a source familiar with the matter told TheWrap. One of the departures includes Jeffrey McCracken, the network’s managing editor of its website.
“The changes made today are to align CNBC’s newsroom structure for the future, they are not driven by cost cutting,” a spokesperson said in a statement. “We expect to hire more than 40 new editorial roles over the next year across TV, Digital and direct-to-consumer platforms.”
The cuts were first reported by Reuters.
The changes came as the network figures out how its newsroom moves forward under Editor-in-Chief David Cho, a former Barron’s editor-in-chief who joined the network in August. Cho was brought on to help unify its TV, digital and direct-to-consumer operations, which is partly what induced these cuts, according to Reuters.
CNBC, which plays host to “Squawk Box” and “Mad Money” host Jim Cramer, has gone through a series of changes since Versant began its split from Comcast, which was completed earlier this year. The network changed its logo in December and announced a partnership with prediction market company Kalshi to bring real-time prediction data to its TV and digital platforms.
Versant is set to announce its first earnings report next week.
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