CNBC president KC Sullivan has announced that the network has dropped The News With Shepard Smith and that its final episode will air later this month. This comes after a two-year run at CNBC for the former high-profile Fox News anchor. “Decisions like these are not arrived at hastily or taken lightly,” Sullivan wrote in a staff memo Thursday morning. “I believe this decision will ultimately help to strengthen our brand and the value we provide our audiences.”
Shepard Smith joined CNBC to bolster primetime TV ratings, which he did, according to Sullivan. “The quality journalism Shep and his team delivered each weeknight was exemplary and not lost on us or our 7 pm audience,” he stated. “The News increased CNBC’s 7 pm viewership average and attracted the most affluent audience of any primetime cable news program. At a time when misinformation and disinformation is rampant, The News succeeded in providing audiences with the clearest understanding of the facts.”
However, it appears the cut comes from the network attempting to expand business coverage, with a new business program slated to fill The News slot at the beginning of 2023. The decision to move on from Smith is the first major decision made by the network president since taking over CNBC from Mark Hoffman in September. Hoffman had been CNBC’s president since 2005.
“Change is difficult, particularly when talented, good people are impacted. Over the coming weeks, we will work across the News Group to identify other potential opportunities for many of the affected employees,” Sullivan concluded before thanking affected employees of the show for their professionalism.