Tag Archives: CNBC
Buffett is the master media manipulator
by Chris Roush
Jon Friedman writes on Indiewire.com about how Berkshire Hathaway CEO Warren Buffett is excellent at manipulating the media.
Friedman writes, “This can’t be an accident. I suspect that once the word of Buffett’s prowess began to spread, and he was quickly deluged with interview requests again and again, he studied the print and broadcast media (the Web hadn’t come along yet), the way a politician might do.
“He quickly sussed out who were the industry’s power players, and wisely gave them time and access accordingly. No one would ever take Warren Buffett for granted because of media overexposure. Soon, journalists began to covet a few minutes of face time with Buffett, the way Rolling Stone once pursued John Lennon or Bob Dylan or Mick Jagger.
“Of course, if the great man gave you some of his precious time, the tacit agreement was that you OWED him something — call it a courtesy (‘Don’ Warren, the Godfather of Wall Street) — which he expected you to pay up every time.
“I imagine that any scribe who dared to cross him wound up on the outside looking in. That’s also the way the game is played.”
Read more here.
CNBC Prime is going after the guys
by Chris Roush
Armin Vit of Brand New writes about how the branding of the new CNBC Prime documentary and reality original shows to air from 8 p.m. to 11 p.m. are targeting guys.
Vit writes, “After watching the montage and the live-action library there is no remnant of a doubt who this programming is for: dudes, with an emphasis on rich dudes. As unappealing as that demographic might be nowadays, the branding of CNBC Prime is both unquestionably on target and expertly done.
“The whole mood is very James Bond meets Gordon Gecko but with a great, graphic edge in the monospaced typography and big headlines. At times the look is so slick and minimalist that it looks like all those fake redesigns you see on Behance of minimalist American Airlines or whatever where you think, ‘No client would ever buy that.’
“But here they have and it works like a charm. An expensive charm. The logo is the least integrated element of the project — it sort of looks like the CNBC lettering and it sort of tries to do its own thing but it sort of doesn’t do either — but it’s not really a bad logo and it blends into the on-air graphics without calling much attention to itself, not that it would have any luck trying what with all those fast cars and babes.”
Read more here.
Host of CNBC’s “Crowd Rules” flexes his muscles
by Chris Roush
Nicole Lyn Pesce of the New York Daily News profiles NY1 anchor Pat Kiernan, who is the co-host of the new CNBC show called “Crowd Rules.”
Pesce writes, “‘This show is a perfect gig for me,’ says Kiernan, who covered business for CNN before the Big Apple became smitten with his morning banter on NY1. ‘It’s a chance for me to flex different muscles and have some fun.’
“In ‘Crowd Rules,’ premiering May 14, three small companies plea for a $50,000 prize to save their struggling business each week. Kiernan and his co-host, jewelry designer Kendra Scott, drill the entrepreneurs on their business plan before a studio audience votes on who gets the investment.
“‘I canceled my family vacation for this,’ says Kiernan at the final taping. ‘I spent 36 hours in Mexico. I left, and my family stayed behind. But I’m really excited about this show.’
“‘Crowd Rules’ filmed eight episodes in a week and a half in April. Fortunately, ‘Crowd Rules’ was shot in Chelsea Market, which also houses NY1. ‘Whatever ridiculous taping schedule they want to set up for me, I can take the elevator and walk down the hall,’ Kiernan says.”
Why CNBC’s ratings decline is a good thing
by Chris Roush
Daniel Solin of U.S. News & World Report writes about why the ratings decline at CNBC is actually a good thing.
Solin writes, “According to published reports, ratings for CNBC have dropped dramatically. Viewers of its morning business shows are down 10 percent. Big name shows like Squawk Box and Closing Bell have declined for four straight quarters. On April 23, only a pathetic 99,000 viewers watched Squawk Box.
“This mish-mash of ‘financial information’ is misleading to investors. It perpetuates the myth that owning individual stocks is a good idea, that some ‘expert’ can tell you what stock to buy or sell and that you should attempt to select an actively managed mutual fund that will outperform its benchmark. All of this is presented against a backdrop of intense activity on the floor of the New York Stock Exchange and elsewhere, giving viewers a false sense of urgency and implying that minute-by-minute analysis of what’s going on in the markets is critical for investing success.
“This noise is akin to the sound of coins dropping into slot machines in Las Vegas, giving gamblers the impression the next big “win” is as close as the press of the button on their machine. The gambling analogy is an apt one.”
Read more here.
CNBC.com hires enterprise reporter
by Chris Roush
CNBC.com vice president and executive editor Xana Antunes sent out the following staff hire on Thursday:
I wanted to let you know that Dan Mangan will be joining Jeff Nash’s team as Enterprise Reporter. He will come aboard on Monday, May 20.
Dan is the definition of a real-time reporter, helming the New York Post’s rewrite desk to coordinate dispatches from reporters in multiple locations while manning the phones to do his own reporting and banging out the pitch perfect lead of the day. From front page exclusives (including A-Rod cheating with a stripper) to impressive exposes (one of which prompted a multi-million settlement with the Justice Department), Dan has risen to each new journalistic challenge and proved his formidable reporting chops.
He offered up extensive coverage of 9/11, the U.S. invasion of Iraq, the Bernie Madoff Ponzi scheme and Martha Stewart criminal case to name but a few. Now Dan’s trading in his coverage of sex, scandal and crime to join CNBC Digital and turn his enterprise reporting mojo on the business world, specifically sex, scandal and crime … no wait, health care (among other topics).
Prior to his nearly 13-year run at the Post, Dan worked at the Stamford Advocate and the Fairfield County Business Journal. He lives in Washington Heights and is looking forward to biking to work! (Not to be shown up, Upper West Sider Tom Lowry is also threatening to dust off his bicycle.)
Dan will be a fine addition to Jeff’s growing Enterprise team and our digital operations. Please offer him a warm welcome.
CNBC names new international head
by Chris Roush
KC Sullivan has been appointed president and managing director of CNBC International, effective May 8
Sullivan will report to CNBC’s global president and CEO, Mark Hoffman. He replaces Satpal Brainch, who is moving to become executive vice president and managing director of Universal Networks International.
“KC has in-depth knowledge of the CNBC global network from his prior roles and as a result has a deep understanding of the dynamics of the CNBC International business across territories,” said Hoffman in a statement. “I’m confident that he has the right blend of leadership and enterprise skills to continue to grow CNBC International and I look forward to working with him in his new role.”
Sullivan will lead the CNBC International business operations across Asia Pacific, Europe, the Middle East and Africa and will be based in London.
He joined CNBC in August 2009 as senior vice president and chief financial officer responsible for leading the finance operation globally for CNBC. Prior to joining CNBC, Sullivan served as global supply chain finance manager for GE Healthcare Medical Diagnostics based in London where he was responsible for financial leadership of more 20 manufacturing sites globally.
Sullivan joined GE’s corporate audit staff in 2002 where he was responsible for a wide range of financial, acquisition and compliance audits globally across GE, including NBCU in 2006. Sullivan began his career with GE as part of the Financial Management Program (FMP) in GE Plastics in Charlotte, N.C. and Pittsfield, Mass.
Since October 2012 he has been the CFO of the NBC News Group. Sullivan graduated with a bachelors degree in history from the College of the Holy Cross.
Read more here.
CNBC gets into the crowd funding business
by Chris Roush
Philiana Ng of The Hollywood Reporter writes Monday about “Crowd Rules,” a new reality show on CNBC where businesses compete to win $50,000 in funding.
Ng writes, “Crowd Rules panelists emphasized the differences of their CNBC offering from that of ABC’s Shark Tank, which focuses on the entrepreneur and whose bickering ‘sharks’ are often the entertainment. Depending on who you believe, panelists Kiernan and Scott ‘agree 80 percent of the time’ or ’75 percent.’
“‘All three businesses have existing businesses that work that we have reason to believe that they would thrive,’ Kiernan said. ‘We’re not picking the worst so that we know what the outcome would be.’
“Why the $50,000 prize? Davies revealed that at one point the amount was actually ‘much larger.’ What he found, however, was that $50,000 was already enough for businesses to utilize for marketing or to put in elsewhere. (Companies have about 30 seconds in a final ditch effort to persuade panelists and the audience, who either vote with their head or their heart, what they’re going to do with the money.)
“Jim Ackerman, senior vp primetime alternative programming at CNBC, noted that the $50,000 prizes will not be given to the winners until after the episodes air, but Ackerman assured that they would receive the money.”
Read more here.
CNBC gets serious about web video
by Chris Roush
Mike Shields of Adweek writes about how CNBC is paying more attention to web video to drive traffic to its site.
Shields writes, “This week marks the debut of the CNBC Digital Workshop, an in-house production studio designed to crank out Web originals for CNBC.com and partners like Yahoo. Among the projects in development are Chew & Brew, a weekly cooking show hosted by CNBC reporter Jane Wells that’s focused on guy-skewing concoctions like bacon tacos and beer milkshakes, and The Puppets Can Hear You, featuring puppets reciting tweets from the popular Wall Street Twitter feed @GSElevator, which mocks the sometimes out-of-touch traders at Goldman Sachs.
“CNBC is clearly going lighter and broader with some of its digital fare, as it attempts to move past simply repurposed TV clips. Meanwhile, it is also ramping up a daily postmarket round-up show, 3 to Watch, hosted by CNBC reporter Josh Lipton, and this Friday marks the debut of Hacking America, an investigative series examining weighty topics like the fight against global cyberterrorism.
“‘We’re building on the success we already have,’ said Kevin Krim, svp, gm of CNBC Digital. ‘We have a fantastic TV brand and a very strong digital team, which has been doing a better and better job of fundamental blocking and tackling. But now we’re interested in going after a broader base, offering viewers a holistic view of their lives, not just [what they’re doing during] trading hours. And we’re also addressing advertiser demand.’”
Read more here.
CNBC.com hires Lowry as senior editor
by Chris Roush
CNBC.com executive editor and vice president Xana Antunes sent out the following staff hire on Wednesday morning:
I’m delighted to announce that Tom Lowry is joining us Monday, April 22nd as Senior Editor, overseeing our economics and politics coverage as part of our newly-created Enterprise desk. Reporting to Jeff Nash, Tom will also serve as our liaison to NBC News.
A veteran business news writer and editor, Tom has extensive experience managing teams of reporters and editors, working across all platforms from print, digital, video and social. His talents are many, spanning breaking news, analysis and investigative work and he brings a wealth of contacts and formidable news judgment to the task.
Most recently, Tom was business editor at The Daily, News Corp.’s tablet-only news publication. There, he not only served up a daily dose of business news seven days a week, but he also worked closely with the art department to develop cool interactive data-visualization features.
Prior, Tom briefly alighted at Variety after an 11-year run at BusinessWeek, where he coordinated its media and entertainment beat coverage. Earlier in his career, he worked at USA Today and the Daily News where he covered a bunch of beats, ranging from Wall St and white collar crime to economic development and retail.
He is a terrific addition to our team. Make sure you offer him a warm welcome when he comes aboard.
Why Cramer’s comments about biz journalism hurt
by Chris Roush
Dow Jones Newswires columnist Al Lewis writes about the comments made by CNBC “Mad Money” host Jim Cramer on Saturday at the Society of American Business Editors and Writers‘ conference about the current state of business journalism.
Lewis writes, “If you watch his show and you buy his stock picks, you are not really doing what he really recommends, which is to think and analyze for yourself. The show, he has long said, teaches the thought process behind investing. It’s not meant to be a hot-tip line. And Cramer often admits when he gets it way wrong.
“It hurts taking criticism from a man who gets plenty of criticism, himself. It hurts being confronted by a guy who bears some resemblance. But what Cramer told us at SABEW was right. Too often we’ve focused more on the bank than the rogue banker.
“‘It’s not just the banks,’ Cramer continued. ‘We have let some companies get off with consistent bad behavior and have not given their CEOs enough scrutiny for their misdeeds.
“‘I think our coverages bear a role in this and we are often as culpable as the government itself because the government responds to the press in these instances. We in this room are letting these execs off the hook. Where’s the shame? Where’s everyone else’s Wall of Shame?’”
Read more here.
