CNBC is eliminating some newsroom functions in a reorganization aimed at consolidating its digital and television news operations.
Fewer than ten roles have been affected, with plans to eventually hire more people to expand its TV and digital business. In other words, the changes are about structure, not cost savings.
“The changes made today are intended to align CNBC’s newsroom structure for the future, and are not driven by cost-cutting,” a CNBC spokesperson said. Hollywood Reporter. “We expect to hire more than 40 new editorial roles over the next year across TV, digital and direct-to-consumer platforms.”
Reuters, which first reported the news, says the cut comes as CNBC plans to launch a paywall. CNBC’s editorial operations are now led by David Chu, who joined the company last year after serving as editor-in-chief of CNBC Magazine. Baron And business editor at The Washington Post.
The cuts at CNBC come as its parent company Versant prepares to file its first-ever earnings report next week, following its split from NBCUniversal last month. Versant shares have fallen by double digits since their debut last month, though they have rebounded over the past week. Now that the company has been separated from Comcast, its moves will receive more intense scrutiny from investors.
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