Tag Archives: CNBC
Business news cable network CNBC said Friday that the first episode of its new show “Business Nation” will air on Wednesday, Jan. 24, at 10 p.m.
The new show is billed as a monthly business magazine hosted by correspondent David Faber, and the plan is to include a blend of features, profiles and investigative reports. The announcement is the second program expansion disclosed this week by CNBC. Earlier this week, it said it would make “Fast Money,” previously a once-a-week show, a five-day-per-week program.
“Business Nation” is also part of a broad-reaching CNBC strategy to distance itself from being known only as a network that covers the stock market and to help buttress it against the coming Fox Business News Channel, slated to debut later this year.
The show was originally expected to debut on Dec. 6, but was delayed for unknown reasons. It apparently is being patterned after HBO’s “Real Sports.”
Faber, who was known as “The Brain” during the CNBC hey-days of the late ’90s, has been with the network for the past 13 years and is considered one of its best business journalists.
In November 2006, Faber’s two-hour documentary “Big Brother, Big Business,” investigated the increasing number of ways ordinary Americans are monitored and affected by the encroaching world of surveillance and how this convert spying has become big business.
Faber also received the two most prestigious awards in broadcast journalism in 2005 when CNBCâ€™s two-hour documentary, â€œThe Age of Wal-Mart,â€? garnered both a Peabody Award and the Alfred I. duPont-Columbia University Award for Broadcast Journalism. Both were firsts for the network.
Faber launched the network’s long-form, original documentaries in 2003 with the Maxwell Award-winning and Emmy-nominated “The Big Heist: How AOL Took Time Warner.” The day after its initial airing, AOL Chairman Steve Case resigned. Faber followed “The Big Heist” with the acclaimed “The Big Lie: Inside the Rise and Fraud of WorldCom.” “The Big Lie” was selected as a finalist for the Gerald Loeb Awards and received a National Headliner Award.
David Lee Smith of the Motley Fool writes Friday that the expansion of business journalism in recent years has been fueled by cable television and the Internet, and that more competition is coming.
Smith wrote, “This is a sector of the news that has been somewhat slow to develop and mature, at least on a standalone basis. But it is now gaining tremendous momentum, thanks at least in part to the emergence of both cable television and the Internet.
“Gone, for instance, are the days when the late Louis Rukeyser’s excellent and long-running Wall Street Week, which aired each Friday evening on the Public Broadcasting Service, was essentially the only televised game in town for market aficionados. It’s now virtually impossible to walk into a brokerage office and not encounter a television set perched high up on the wall and tuned to General Electric’s CNBC business network, with its all-day attention to the ups and downs of the capital markets and the companies represented therein.
“But competition for CNBC may be just around the corner. Rupert Murdoch’s News Corp. which for a couple of years has considered launching a business channel of its own, clearly moved a giant step closer to doing so this week when it reached a distribution agreement with Time Warner to make the network available to the company’s 13 million cable subscribers. Time Warner Cable, whose spinoff as a separate entity is imminent, is the nation’s second-largest cable operator behind Comcast’s 24 million-subscriber operation. Comcast already has reached a deal with News Corp. to carry the new network.
“And you wouldn’t be betting the farm in vain if you wagered that satellite operators DirecTV and Echostar will carry the new business network as well. Murdoch and News Corp. technically still own a significant portion of DirecTV, although this year Liberty Media will acquire control of the provider in exchange for Liberty’s $11 billion stake in News Corp.”
Read more here.
Marketwatch media columnist Jon Friedman, whose column last year about “Mad Money” host Jim Cramer sparked a bevy of reader e-mails, returns again to Cramer on Friday and notes that his writing in New York magazine is much more palatable.
Friedman wrote, “I much prefer Cramer’s Dr. Jekyll incarnation, as the restrained, informative author of New York magazine’s column, ‘The Bottom Line.’ When you read one of his pieces on investing, the word that jumps out is ‘authentic.’ He sure knows his stuff. The difference between him and a lot of the so-called media ‘experts’ (many of whom regularly chat on CNBC, by the way) is that he offers a rare, practical perspective.
“Any schnooks can go on TV and crow about their occasional stock market victories. What’s actually more instructive for the viewers is hearing the war stories of an investor who has rebounded after losing money. It’s similar to a boxer who gets knocked down but comes back and heroically wins a bout. Cramer can take a punch.”
Later, Friedman added, “Among magazine business journalists, perhaps only Allan Sloan of Newsweek can rival Cramer. On that score, I wonder why Time, which has been fortifying its columnist ranks, hasn’t poached Cramer already. (Or perhaps it’s simply that Cramer’s allegiance is an example of the loyalty that New York writers reserve for its editor, Adam Moss).”
Read more here.
“Fast Money,” the show on business news channel CNBC that features Dylan Ratigan and four Wall Street traders, will now air five days a week instead of its current once-a-week schedule.
The show will be based at NASDAQ’s MarketSite studio in Times Square. Ratigan and the traders rang the bell to begin trading at the NASDAQ Wednesday morning.
Ratigan, who also co-anchors CNBC’s “Closing Bell”, leads discussions on the trades of the day with four Wall Street traders: Guy Adami, an executive director at CIBC World Markets; Eric Bolling, a trader on the New York Mercantile Exchange; Jeff Macke, founder and president of Macke Asset Management; and Tim Strazzini, a managing director at Pali Capital Inc.
Instead of taking traditional phone calls or even e-mails, “Fast Money” will have callers seen on their home or office web cams when asking questions. Viewers can also text message during the broadcast to create a continuous dialogue with the traders of “Fast Money.”
“Just as athletes are interviewed right after a game and discuss what they did and why, these Wall Street professionals come to the set of ‘Fast Money’ after spending their day trading and share their insights and strategy,” said CNBC president Mark Hoffman.
“Fast Money” began on CNBC on June 21, 2006 as an occasional series and was co-created, with Ratigan, by Susan Krakower, CNBC’s VP of strategic planning and development, who also co-created CNBC’s hit “Mad Money with Jim Cramer.”
Since its launch last June, “Fast Money” has averaged 113,000 viewers. On Sept. 21, 2006, it averaged 95,000 viewers in the 25-54 demo and was the highest rated program on CNBC.
Read more here.
With the daily business newspapers deciding what it would do on Tuesday due to the closing of the stock markets to honor the death of former president Gerald Ford, CNBC says it will have seven hours of live programming taking a look at 2007.
The release stated, “Beginning at 9 AM ET, each hour of ’7 For ’07′ will focus on what the New Year will hold for investors across every imaginable sector and industry.
“Following the regular three-hour live edition of ‘Squawk Box’ (6-9 AM), each CNBC program–’Squawk on the Street’ (9-10 AM), ‘Morning Call’ (10 AM-Noon), ‘Power Lunch’ (Noon-2 PM), ‘Street Signs’ (2-3 PM) and a special one-hour edition of ‘Closing Bell’ (3-4 PM)–will originate from CNBC Global Headquarters. This will be followed by a special two-hour live edition of ‘Kudlow & Company’ (4-6 PM) with Larry Kudlow.
“‘Mad Money w/Jim Cramer’ (6-7 PM) and ‘On the Money’ (7-8 PM) will air as scheduled. ‘On the Money’ will feature a live recap of the day in business news, the funeral of President Gerald R. Ford, and a look ahead to 2007. (The financial markets in the U.S. are closed in observance of the National Day of Mourning for President Ford.) John Harwood, CNBC Chief Washington Correspondent, and Hampton Pearson will cover President Ford’s funeral.
“Tuesday’s coverage will feature CNBC correspondents reporting on critical sectors, including Diana Olick on real estate, Phil LeBeau on the automotive industry, Sharon Epperson on CNBC’s exclusive energy survey, Darren Rovell on the business of sports and Julia Boorstin on the media industries.”
Read more here.
Editor & Publisher is a long piece taking a look at the changes that will occur at The Wall Street Journal next week. Perhaps the most interesting part of the story for business journalists at the paper is near the end, when the discussion turns to staffing levels.
Jennifer Saba wrote, “If [publisher Gordon] Crovitz has his way, he plans to buck the trend of gutting the newsroom. He thinks the new Journal and reorganization of the company will allow Dow Jones to maintain staffing levels. Zannino has been saying the same thing: He told his paper when he was appointed chief officer that Dow Jones “can’t expense its way to profitability.” (Zannino declined to be interviewed for this story.)
“As for the intentions of keeping the newsroom fat and happy, some staffers are cynical. For unionized employees — which means practically everyone at Dow Jones, save management and security guards — it could come down to another nasty fight similar to the long negotiations and byline strike that occurred three years ago. The current contract expires in January 2007, and both sides have submitted outlines. The negotiations are still in the early stages, but already union members have stopped making appearances on CNBC (to which Dow Jones provides content) due to the shaky nature of the talks thus far.
“Management ‘made some very draconian proposals,’ says E.S. ‘Jim’ Browning, a 27-year staff reporter at the Journal who is chairman of the bargaining committee for the union. Browning was so incensed by the previous negotiations that he and other reporters decided to get more involved with the union.
“Management’s first stab at a contract includes the doubling of annual health care premiums, meager wage increases of 2% a year (which doesn’t even keep up with inflation, Browning notes), and the elimination of the seniority protection clause (first hired, last fired).
“Steve Yount, president of the Independent Association of Publisher’s Employees (IAPE) and a news anchor on Wall Street Journal radio, is cautioning management where to make cuts. ‘It’s one thing to tell people to share a printer,’ he says. ‘It’s quite another to ravage health care.’
“Yount hasn’t written anyone off yet. ‘I think Gordon Crovitz is a very good man, and is honest about preserving the quality of the Wall Street Journal and all the products at Dow Jones’ he says. ‘From everything Gordon has told me, I have no reason to believe he is not serious.’
“Some newsroom staffers, however, are afraid that the Journal 3.0 concept is less about transformation and more about dealing with cost-cutting measures. Several reporters who did not want to be named said they are doubtful they will get more time to write long-form journalism, especially since the paper is losing space. They fear that all Journal 3.0 will amount to is more work on more platforms.”
Read more here.
Yes, I am once again succumbing to the easy temptation of a list, an odious form of journalism that I don’t like.
But the people, they seem to like these lists. So here are the top 10 events in business journalism for 2006:
10. The failure of business journalists to accurately report about the holiday shopping season. Maybe it’s because this is fresh on my mind, but this web site has been full of comment after comment about publications totally missing the boat. Sales were lackluster at best, but you wouldn’t know that from the fawning coverage that was typically given retailers. Are we that gullible?
9. The legal battle between Donald Trump and New York Times business journalist Timothy O’Brien. Trump has sued O’Brien, who wrote a book about Trump claiming that he wasn’t the billionaire he claimed to be. Round One went to Trump, who convinced a judge that O’Brien should disclose his sources of Trump’s net worth. Should that actually happen, then the ruling would have a chilling effect on business journalism sources.
8. A new managing editor at Fortune. While dozens of daily business sections changed editors in the past 12 months, no change is more important than the naming of Andy Serwer as the new ME at Fortune, replacing Eric Pooley, because of the publications stature as one of biz journalism’s flagship publications. Serwer’s task is to rebuild morale among some staffers who didn’t like Pooley’s style and keep Fortune’s writing and reporting among the best in business journalism at a time when it is seeing increased competition from new and old magazines.
7. Changes at Reuters, including a new editor in chief. The new editor, David Schlesinger, is an American, and he’s pushed the wire to be more involved in ‘participatory’ journalism. In addition, the wire has begun offering a service to subscribers that allows them to buy and sell stocks based on specific news stories. Reuters seems to be making changes to adapt to the new world in journalism.
6. The new publications. Despite the overall malaise in the print journalism world, business publications are proliferating. Two new biz magazines, American and Dealmaker, made their debuts in 2006. Crain Communications started Financial Week, while Conde Nast will unveil Portfolio, a new glossy monthly, in April 2007. In addition, Fox News is expected to roll out its business news cable channel later in 2007. Let’s face it, business journalism is a growth industry.
5. The overhaul at the Washington Post biz desk. Not only did a number of well-known bylines depart due to a buyout, but the AME/business, Jill Dutt, left for another job at the paper, meaning deputy Sandy Sugawara moved up to the top slot. In addition, a new business editor and tech editor were also named at the paper. The Post’s biz section is closely watched in the industry because of its coverage, particularly on regulatory issues.
4. The unveiling of the new CNBC.com web site. The business news cable channel has previously been an afterthought in providing business news and information on the Internet, with web sites such as TheStreet.com, Marketwatch and others garnering much of the traffic. But its new web site, unveiled in early December, ups the ante for all of those aiming for visits and page hits in the business journalism world.
3. The overhaul at Dow Jones. I’m not just talking about the new CEO of the company, Richard Zannino, or the new publisher at the flagship Wall Street Journal, Gordon Crovitz. But the entire company is changing how it gathers business news and information and how it’s presented to the public, beginning with an overhaul of the Journal on Jan. 2. In addition, current contract negotiations with union journalists could mean further changes.
2. The decision to cut stock listings from printed newspapers. While many papers continue to offer this data on their websites, the slashing of pages from the biz section means a loss in stature for the business desk in the newsroom. In addition, at some papers it means a smaller news hole for business stories.
1. The disclosure that Hewlett-Packard tried to discover what board member was leaking information to reporters who covered the company by spying on the business journalists. This news not only cost the H-P chairman her job but got her indicted.
More importantly, it showed business journalists that their stories and tactics are closely followed by those in the executive suite. It also shows the steps that others will take to prevent us from doing our jobs. Let the battle continue.
Have a happy new year, and let’s all hope 2007 brings a renewed interest among media companies in covering business news.
What’s interesting is that when I look back at the top 10 list for the first six months of the year, only two events — the cutting of stock listings and the changes at the Post — were repeats.
In other words, there’s been a lot of serious issues and changes facing business journalism, and those changes are happening at a fast pace.
Red Herring is reporting that Dow Jones properties Wall Street Journal, Barron’s and MarketWatch are now providing their videos available by video search company blinkx and its customer Lycos.
Michael Cohn wrote, “While most of the content on the Wall Street Journal Online as well as Barronâ€™s Online is available by paid subscription only, the video content is freely searchable.
“‘They have recently increased the amount of video content they have available,’ said Suranga Chandratillake, chief technology officer at San Francisco-based blinkx. ‘Most of their sites are locked down behind a subscription wall, but the video content is free. They give people who havenâ€™t subscribed a sense of how deep a source they have.’
“By making the video content more searchable with blinkxâ€™s technology, Dow will be able to expose its financial content to a wider audience. Dow Jones has been facing increased pressure from financial news portals such as Yahoo Finance, Google Finance, CNBC, and even AOL that have been increasing their offerings (see Yahoo Offers Finance Blogs and CNBC.com Scores in Return).”
Read more here.
The New York Daily News has appointed Scott Wenger as assistant managing editor/money and business, according to a short story in Monday’s newspaper.
Wenger, 43, has worked for the tabloid newspaper since 1998, when he joined as business editor.
In 2001, Wenger was named an editor on The News’ metro desk and then a year later on its national desk. His week-long series from China last year won an Institute on Political Journalism economics reporting award. Wenger has worked at CNN, CNBC and began his career at The Wall Street Journal. He also was a health care analyst on Wall Street.Read more here.
A. Adam Glenn, an independent online consultant, has a critique of the new CNBC.com web site on Poynter, and he argues that the business news cable channel has missed out on a great opportunity of building a community.
Glenn wrote, “In neither the blogs, nor the postings, nor anywhere else on the site, does it appear that users can share their own views and news quickly, easily or in a straightforward fashion.
“As far as I could tell in multiple visits to the site, the only way for the public to post comments is to e-mail them to the various columnists. The site’s FAQ page does explain that ‘Blog comments are written by our registered users and selected and posted by CNBC.com editorial staff.’ And I suppose that overly clunky method could work, if someone were minding the store. Except no one is.
“When I scanned the site 10 days after launch, looking through the most recent posts on the site’s seven featured blogs, I found only a single comment. The Realty Check entry on the housing market had a user contribution — but instead of appearing with the feature, the comment was exiled to a separate page.
“I’m not exactly sure what the site’s Welcome Statement means when it describes the site as ‘the latest in online technology to deliver a truly groundbreaking Web experience,’ but at least when it comes to community, I’m pretty sure this ain’t it.
“Rival business news sites certainly have it over CNBC.com in terms of community. MSNBC.com’s business page, for instance, has dozens and dozens of business message boards where users, once registered, can freely post their thoughts. Although columns don’t allow direct comments, they do link readers to appropriate forums to share their thoughts.”
Read more here.