Tag Archives: CNBC

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CNBC needs to call a truce

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Debbie Baratz of ValueWalk.com writes that business news network CNBC needs to stop telling its on-air guests that they can’t talk to anyone else.

Baratz writes, “A reporter’s source is either likely to speak to a few different media outlets and at times, the same quotes are repeated thanks to digital media (see above quotes).

“For media consumers, they can now look to numerous sources for their news, which is a good thing. Sure some outlets have better quality that others and for CNBC, it is at the top of the heap. It’s not the only one on the mountain but to act like a gatekeeper in today’s fast media with its numerous options is unfair and unwise.

“You have to think that at the end of the day, actions will speak louder than words. Consumers will go to sources they trust, just as corporate executives and experts will speak to the outlets they want, portraying their story and opinions through their message.

“ESPN has seen the rise of other sports outlets and now attributes breaking stories to its competitors, it’s time for CNBC to adapt as well.”

Read more here.

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One-year anniversary of CNBC’s NYSE floor set

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Wednesday is the one-year anniversary of CNBC’s Post 9 – the first-ever set on the floor of the New York Stock Exchange.

CNBC’s “Squawk on the Street” interviewed NYSE Euronext CEO Duncan Niederauer this morning to mark the occasion.

From left to right is CNBC’s Carl Quintanilla, Melissa Lee and Jim Cramer with Niederauer

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Fox Business responds to CNBC policy

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Fox Business Network has begun running a television commercial that criticizes the policy of rival CNBC that requires its guests to appear only on that network.

The policy has been covered in recent weeks by National Public Radio and Politico.

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Roth of Fox Business joins CNBC as a contributor

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Fox Business Network regular guest and radio host Carol Roth has been hired by CNBC to be an on-air contributor.

Noah Rothman of Mediaite writes, “Roth has previously appeared regularly on FBN with Stuart Varney on Varney & Company. Roth, a former investment banker, will weigh in with regular insights into the stories driving financial markets for CNBC’s audience.

“Roth burst onto the scene in late 2012 when she took on CNN host Piers Morgan and objected to his assertions about the necessity for stricter gun laws in the United States. Roth took to her Twitter account to object to Morgan’s comments and eventually made her way on to his show.

“Roth will continue to host The Noon Show on WGN-AM Chicago.”

Read more here.

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Using texting to report business news stories

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CNBC reporter Kayla Tausche says her most effective tool in reporting about Wall Street is to text her major sources.

“Email is great, but many times people don’t want to leave a paper trail,” said Tausche in a talk Monday morning. “Texting has been the single-most important thing to my reporting.”

Tausche spoke Monday at the UNC-Chapel Hill School of Journalism and Mass Communication. She is a 2008 graduate of the School, where she studied business journalism. She worked at a mergers and acquisitions newsletter run by The Financial Times before joining CNBC in 2011.

Tausche said she also sends between 30 and 40 emails to traders daily to ask them what stocks they are looking at. She also said that she once called a source 20 times before he agreed to talk to her off the record.

“I’m doing exactly what I want to do,” said Tausche. “I have my dream job.”

Tausche also told the audience of about 60 that her role models are CNBC anchor Maria Bartiromo, CNN anchor Erin Burnett and Wall Street Journal columnist Peggy Noonan.

“Maria Bartiromo is the major name in the business,” said Tausche. “Anyone would do well to have a piece of what she has accomplished.”

She called business journalism “still, at the end of the day, a human story,” and also said that a Goldman Sachs executive gave an interview to Bloomberg Television are promising Tausche that his interview with her was exclusive.

“They didn’t love where our interview was going,” noted Tausche, adding that the interview was about veterans working on Wall Street, but that she also asked questions about the economy and Goldman Sachs’s business. “Things like that happen. People are not always going to be nice to you.”

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No outs or shortcuts in business journalism

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CNBC reporter Kayla Tausche spoke with Daily Tar Heel staffer Karen Gil about her career and hoe she got started.

Here is an excerpt:

DTH: What were your journalism experiences prior to entering the workforce?

KT: I took every internship I could, at every juncture, and that really helped me figure out what exact niche of the journalism world.

I can honestly say I’ve worked in nearly every facet of news gathering and producing there is … I didn’t have to spend time eliminating opportunities because I had been able to figure out what I didn’t want to do.

DTH: What advice do you have for journalism students?

KT: No job is too small, and humility goes a long way. My first job out of college was at a tiny, investor-focused newswire hidden in a downtown loft under the Financial Times umbrella. Most of what I wrote was never read, to be honest. But then one day I came across a big story and broke it wide open — and then I was asked to go on television to talk about it.

DTH: What is the hardest part of your job?

KT: Managing one’s expectations. As someone with a print background, I have a natural itch to make every story a 10-page, Vanity Fair-esque expose, when in reality, it must be boiled into a 120-second video package.

Know what your best work looks like and how to get there. And then put the pen down.

Read more here.

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IS CNBC depriving viewers?

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Warner Todd Huston writes about the recent dsisclosure that CNBC‘s policy is to ban sources who appear on the air from appearing on other networks.

Huston writes, “So, if CNBC is purposefully excluding newsmakers that are set to appear at other venues, does CNBC expect those newsmakers to keep themselves exclusive to CNBC? Really? In THIS media climate? Doesn’t that seem a bit absurd in an era when striking when the iron is hot is the only way to play the game?

“So, this forces us to ask, if CNBC won’t book someone that intends to appear on other news outlets because what they have to talk about is in the news… might we find that CNBC is not keeping up with the news cycle?

“Might we find that CNBC’s viewers are getting slighted of happening news because of CNBC’s strict booking practices?

“Further, why does CNBC think so much of itself that it imagines it has the power to keep newsmakers from getting on as many outlets as they can to sell the points they are trying to push? The days of some reporter, newspaper, or other media outlet asking, ‘DO YOU KNOW WHO I AM?’ are long over, after all!”

Read more here.

Apple

Does CNBC hate Apple?

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Rocco Pendola of TheStreet.com assesses whether CNBC business journalists are overly negative in their coverage of Apple.

Pendola writes, “I never agree. In fact, I argue pretty much the opposite. CNBC — and TheStreet, for that matter — don’t really care one way or the other, as collective organizations, if Apple succeeds or fails. We just want them — and others as well — to be around forever and always.

“As individuals within these organizations, we all have our opinions. Some express them on the air and in print more than others, but they are opinions. And if we didn’t have them and our employers prohibited us from expressing them, all of our lives — including yours — would be a heck of a lot more boring.

“The ‘CNBC hates Apple’ conspiracy theorists have probably never worked in the media; have never talked to a television producer, an anchor, reporter or financial writer; have never done much beyond what we all have done vis-a-vis professional sports … screamed from the stands about what a wuss Ron Duguay was, or what a pretty boy Tom Brady is. (For the record, I like both men quite a bit.)

“And that’s not a slight, but when you call somebody’s integrity into question, you better darn well have either been in their shoes or talked to them about what it means, day-to-day, to walk their miles.

“I visited the CNBC ‘Squawk on the Street’ set last week on the floor of the New York Stock Exchange. During the breaks, Carl Quintanilla and Melissa Lee were not hatching another component of Melissa’s grand plan to take Apple down … because she doesn’t have one!

Read more here.

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CNBC vs. Bloomberg TV: The booking wars

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David Folkenflik of NPR reports on the increasingly testy battle between business news networks CNBC and Bloomberg Television to have exclusive appearances by its guests.

Folkenflik writes, “But a guest interviewed on CNBC earlier this month shared with NPR a copy of an email from a CNBC producer earlier this month.

“It carried this warning in red:

‘CNBC POLICY REMINDER: Per CNBC policy, we cannot use guests who have a same-day appearance on Fox Business or Bloomberg…By accepting a booking with CNBC, you acknowledge and accept the terms of this policy.’

“So much of broadcast news revolves around the booking — with the pressure on the booker to land the guest.

“Wald said that he has issued strict instructions that Morgan will not interview guests once they’ve appeared on certain other shows.

“‘You don’t want to follow,’ Wald said, ‘and so you’ll do whatever you can to impress upon the guest … the need to be on your show or your network first.’

“Last October, CNBC’s Julia Boorstin snagged a direct interview with Disney CEO Robert Iger as the company acquired LucasFilm for roughly $4 billion.

“She believed she had an exclusive — and was witnessed berating Iger’s team minutes later as he walked to speak live by satellite with an anchor for Bloomberg TV.”

Read more here.

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CNBC purchases rights to “Nightly Business Report,” saves show

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Nightly Business Report,” the 34-year-old nightly business news show that airs on public television stations across the country, will start being produced by CNBC, according to a deal announced Thursday afternoon.

The program had lost its key sponsor, Templeton Franklin Investments, at the end of August, and had been underwritten by its current owner. But executives involved with the program stressed that operating model was not sustainable, so CNBC’s involvement will keep the show going.

“The key point for us is that it survive,” said Cynthia Fenneman, president and CEO of American Public Television, in a phone interview. “Without this, the show would likely not to continue to exist.”

Current co-anchor Tom Hudson will be replaced by Tyler Mathisen. Susie Gharib, the other co-anchor, will remain on the show, which plans to keep its current format.

The first CNBC-produced “Nightly Business Report” show will air on March 4 from the business news network’s headquarters in Englewood Cliffs, N.J. It has previously been broadcast from WPBT2 in Miami and from a New York studio. “Nightly Business Report” launched in Miami in January 1979. It became a national program in 1981.

“For us, we see this as a way to add to our comprehensive suite of multimedia products,” said Nik Deogun, senior vice president and editor in chief of CNBC, in a telephone interview with Talking Biz News on Thursday afternoon. “This is a way for us to address the public television market with very high-end business news.”

Journalists currently working for the show will be able to apply for jobs with CNBC, said Deogun.

“We will be interviewing people from NBR,” said Deogun. “We have a lot of respect for Tom, but we like the combination that we have. It is a great brand with a long tradition. We’re happy to keep it on public television and keep that great brand.”

The show will be able to tap into CNBC’s 200 journalists and nine bureaus, added Deogun.

The show, which has been based out of Miami since 1979, has been undergoing some dramatic changes in recent years, including being sold twice before.

“We started this show way before CNBC, and it’s been a show that has really stood the test of time,” said Linda O’Bryon, who was one of the original co-anchors of “Nightly Business Report” and its founding executive editor. “I think it has helped to foster a better understanding of the economy. I like forward to seeing this new chapter.”

Atalaya Capital Management acquired the program for an undisclosed price in November 20111. Six-year-old Atalaya is based in New York and has primarily been an acquirer of corporate and real estate debt. Terms of Atalaya’s sale of the program to CNBC were not disclosed.

The show was acquired in 2010 by Mykalai Kontilai, who had been overhauling its operations before selling it to Atalaya.

In addition, the show has closed its Chicago bureau, resulting in the layoffs of seven staffers, in December 2012. The show laid off eight people in November 2010. Last year, its managing editor and executive vice president lost their jobs.

In an email to Talking Biz News, Hudson thanked his co-workers.

“I am very proud of the work we accomplished at NBR,” he said. “This is the program that helped invent modern financial television news more than 30 years ago.  I consider myself honored to have worked with all the professional broadcasters considered part of the NBR family.  Working to fulfill the high expectations of the NBR audience every night has been a rewarding experience.  Working alongside NBR’s talented staff has been among the professional highlights of my career.  I thank the viewers, underwriters, our public television member stations and my co-workers for the opportunity.

“The correspondents, producers, editors, videographers, associate producers, graphic producers, web editors and production personnel are the heart and soul of NBR,” added Hudson. “I thank them for their skills, creativity and collaboration.”

CNBC will continue to produce “Nightly News Brief,” a short synopsis of the day’s business news events, for public television stations, and will also support the program’s website, NBR.com.

Mathisen had actually talked to the show about replacing long-time anchor Paul Kangas when he left the show at the end of 2009, but was not willing to move to Miami, the show’s longtime base.