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CNBC cancels Shepard Smith's nightly newscast, he'll depart the network

M

Mikey Radio

Not a huge surprise. I always thought CNBC was an odd place for a news program as it's primarily known as a financial network:

apnews.com

CNBC axes Shepard Smith's nightly newscast after two years

NEW YORK (AP) — CNBC is canceling Shepard Smith's nightly newscast after two years, with its new president saying he wanted to focus on the network's core strength of business news. Smith, who is leaving the network, will have his last telecast sometime later this month.
apnews.com apnews.com
CNBC is canceling Shepard Smith’s nightly newscast after two years, with its new president saying he wanted to focus on the network’s core strength of business news.

Smith, who is leaving the network, will have his last telecast sometime later this month. He did not have any immediate comment.
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His show has averaged 222,000 viewers this year, down slightly from 2021, the Nielsen company said. For the last three months of 2020, “The News with Shepard Smith” had 280,000 viewers.

By contrast, Fox News’ Jesse Watters had 3.4 million viewers in the same time slot on Tuesday and MSNBC’s Joy Reid had 1.3 million, Nielsen said
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I thought so too but no one tunes to CNBC for a nighty newscast at a weird time. I thought that they put him there as way to ease the FOX News guy into the NBC News ecosystem before announcing that he was moving to either NBC or MSNBC. This announcement isn't quite the way I expected to see it go down.
 
TheBigA said:
Shep did a great job, as everyone expected. There are now opportunities at CNN and MSNBC.
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Part of me says CNN should be happy to pick him up, since he was really a voice of reason at times at Fox News (much to the chagrin and outrage of many of that network's viewers and staff), and his stated goal when moving to CNBC was to simply do "the news" without a slant, spin or embellishment, and that's also the stated goal of CNN as well. However, I'm not sure how well that would play out for CNN. As it is, many if that network's viewers are raising questions and growing nervous each time they see them make a move, as they're afraid of CNN "over-correcting" and moving to the right of center. Bringing Shep into the mix obviously wouldn't ease their concerns.
 
Shep reads the news without any partisan nonsense a rarity in this day and age The reason for the cancellation is not a "low ratings" decision but rather a refocusing decision
 
nickp said:
Shep reads the news without any partisan nonsense a rarity in this day and age The reason for the cancellation is not a "low ratings" decision but rather a refocusing decision
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I agree with you about Smith and his delivery, but the reason for the cancellation of his program was indeed at least partially due to ratings. In the link I posted above it shows that Smith is pulling in an average of 222k viewers, while Fox is pulling 3.4M and MSNBC has 1.3M. Another article I read today explained that CNBC has been struggling with the types of programming they've scheduled in the evenings for years. They've tried news programs, financial and business programs, reruns of Jim Cramer and other programming. They've also tried reality-type programs like Shark Tank and The Profit, but none have really delivered the types of ratings they'd like, and that would draw advertisers.
 
Increasingly it's true. Nobody wants to watch a newscast anymore. Remember when Headline News and The Satellite News Channel were both doing 48 half-hour newscasts a day on your cable system? Even News Nation (formerly WGN America) started as long-form newscasts, not opinion shows. That didn't last long! I suppose CNBC can just show reruns of Shark Tank every evening, after the markets have closed.

I would like to see Smith at the newly mainstreamed CNN. A former Fox guy would be logical.

Of course, it will probably mean a big pay cut. From what I read, Smith was earning several million dollars in his CNBC contract.
 
Gregg. said:
That didn't last long! I suppose CNBC can just show reruns of Shark Tank every evening, after the markets have closed.
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My guess is he had a 2 year deal, and it's not getting renewed. He replaced Shark Tank 2 years ago, so sure, might as well bring it back.

Gregg. said:
I would like to see Smith at the newly mainstreamed CNN. A former Fox guy would be logical.
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I thought he would have been a great replacement for Brian Williams. But that didn't happen. I think Shep is a very entertaining broadcaster. He has a unique way of saying things and looking at things. Wherever he goes, he will be entertaining to watch.
 
Gregg. said:
Of course, it will probably mean a big pay cut. From what I read, Smith was earning several million dollars in his CNBC contract.
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A Washington Post article from 2020 estimated his CNBC contract to be worth about $10M / year. The Daily Beast estimated his last Fox News contract to be worth about $30M.
 
Mikey Radio said:
A Washington Post article from 2020 estimated his CNBC contract to be worth about $10M / year.
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So even after taxes and his agent's take adding up to about 55% to 60% of that, he likely can retire and forget about all of this.

Those online net worth sites all give him about $25 million. If investments pay around 2.5% annually, that means over a half-million in income without touching the capital. I could live on that!
 
DavidEduardo said:
So even after taxes and his agent's take adding up to about 55% to 60% of that, he likely can retire and forget about all of this.

Those online net worth sites all give him about $25 million. If investments pay around 2.5% annually, that means over a half-million in income without touching the capital. I could live on that!
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Fair evaluation and comment, especially considering Smith will be 59 in a few months, but I've also said this same kind of thing numerous times about well-known musicians, actors, media figures, game show hosts, politicians in high office, professional athletes, corporate executives and the like - but look at the amount of people in those types of posititions who have more than enough means to retire and live comfortably, yet they continue to work, often a full-time schedule, well into their 70s and beyond. Smith may not be ready to go out to pasture just yet...But though he seems to be a respected newsman by those who actually watch and listen to him, the fact that he had such a long tenure at Fox News seems to color many folks' view of him; Retirement at this juncture may not be his decision alone to make. If no network wants to consider him, then.....
 
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I always thought it was odd that Shepard Smith signed with CNBC and I had him going to CNN after he left Fox News. MSNBC I think those viewers wouldn't watch him because he was with Fox News what happen to Greta she was with MSNBC for one hot minute and didn't last a year.
 
Mikey Radio said:
I agree with you about Smith and his delivery, but the reason for the cancellation of his program was indeed at least partially due to ratings. In the link I posted above it shows that Smith is pulling in an average of 222k viewers, while Fox is pulling 3.4M and MSNBC has 1.3M. Another article I read today explained that CNBC has been struggling with the types of programming they've scheduled in the evenings for years. They've tried news programs, financial and business programs, reruns of Jim Cramer and other programming. They've also tried reality-type programs like Shark Tank and The Profit, but none have really delivered the types of ratings they'd like, and that would draw advertisers.
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The whole purpose of the network is the stock market. Nobody cares after hours.
 
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