Tag Archives: CNBC

CNBC hires Frank from WSJ

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Nik Deogun, senior vice president and editor in chief at CNBC, and Kevin Krim, CNBC’s digital general manager, sent out the following staff hire announcement on Wednesday:

CNBC prides itself on delivering cutting-edge news, information and analysis for the most affluent, influential and educated audience. Few journalists have profiled and penetrated this audience as adroitly as Robert Frank, so we are delighted to announce that he will be joining the network as an editor and correspondent, effective May 14.

Robert is a best-selling author, award-winning journalist and leading voice on the topic of American wealth. He has been with The Wall Street Journal for 18 years as a reporter, columnist, editor and blogger.  He was a foreign correspondent in London and Singapore, and later covered Wall Street and mergers and acquisitions.  Eight years ago, Robert created a new beat covering the culture and economy of the wealthy and has become a widely cited authority on the subject—with two books, a popular blog, regular features and frequent media appearances.

Robert, along with CNBC’s team of reporters, producers and writers, will provide in-depth features, reporting and analysis about the world of the wealthy and how it shapes our economy, markets and government. CNBC will bring viewers, both online and on-air, inside the lives of the global rich — who they are, how they got there, and how they spend, invest, give away and fight over their fortunes.

Robert will report to Nick Dunn, managing editor of CNBC, and Allen Wastler, managing editor of CNBC.com.  Please join us in welcoming him to CNBC.

Biz news channel CNBC turns 23 today

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CNBC is celebrating its 23rd birthday on April 17, and below is its first show. A lot has changed in 23 years.

Financial journalists to follow in Twitter

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Linette Lopez, Rob Wile and Simone Foxman of Business Insider have compiled a list of the 101 best finance people to follow on Twitter, and a number of them are business journalists.

The list includes:

Chris Adams, the markets editor for The Financial Times. “Knows what’s happening in the market as fast as anyone.”

Charles Gasparino, senior correspondent at Fox Business Network. “Love him or hate him, the man is a newsbreaker.”

John Carney, senior editor and blogger, CNBC.com. “Helps keeps world’s leading business network real.”

Matina Stevis, Dow Jones Newswires Eurozone reporter. “Dow Jones reporter Tweeting the crisis in the Eurozone. Live from Brussels.”

Katie Martin, Rob Passarella, and Bradley Davis, the Dow Jones forex team. “You’ll barely need your WSJ subscription if you follow them.

Katie Martin, the currency editor at Dow Jones. “Okay, hers are actually the best forex Tweets.”

Scotty Barber, Reuters financial graphics editor. “One of the best economic chartsmakers out there.”

Read more here.

“Fast Money” contributor McCullough used to diss the show

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Investor Keith McCullough, who is now a regular contributor to the CNBC show “Fast Money,” used to be a big critic of the show, reports Julia LaRoche and Linette Lopez of Business Inside.

LaRoche and Lopez write, “Sometimes he would call the on-air talent –  or in his words ‘the crackberry analysts’– ‘donkeys’ and ‘monkeys’ and liken the show to a ‘circus’ or a ‘zoo.’  He also constantly pointed out that ‘Fast Money’ substitute host, trader Joe Terranova mispronounces China calling it ‘China-r.’

“McCullough wrote these comments from 2008 to 2010, a time when the show’s regular panelists included (and still include) Pete Najarian, Jon Najarian, Tim Seymour, Guy Adami and Karen Finerman.  Anchor Dylan Ratigan left the financial news network in 2009 and Melissa Lee took his place as host.

“McCullough’s blog is hidden behind a paywall, however, some of the quotes are publicly available on his  ‘Diary of a Hedge Fund Manager’ blog archive and the others can be tracked down through an advanced search on Google.

“McCullough did not respond to multiple requests for comment.  CNBC, on the other hand, did have something to say about it.

“‘The intellectual combat and differing opinions that are expressed on Fast Money and throughout the day on CNBC provide viewers and investors with valuable insights and balanced analysis,’ said Brian Steel, CNBC’s VP of public relations.”

Read more here.

Fox Business Network is “cost neutral,” says Ailes

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TALKING BIZ NEWS EXCLUSIVE

Fox Business Network, which launched in October 2007, is now “cost neutral,” said Roger Ailes, the president of the Fox News Channel and chairman of the Fox Television stations group.

Ailes, 71, added that the network, which competes against CNBC, spends about $150 million for its programming compared to the $800 million spent for programming at Fox News.

“Business news is a small niche,” said Ailes, who ran CNBC for 2 1/2 years. “It’s not surprising that Fox Business is where it is.”

Ailes spoke Thursday evening at the UNC-Chapel Hill School of Journalism and Mass Communication. He noted that he was due to receive a $3 million bonus if he could make Fox Business Network break even by June 2012. That occurred in June 2011, “so I could afford to come to see you today,” he quipped.

Fox Business Network is currently in 58 million to 60 million homes, said Ailes, compared to 90 million homes for CNBC.

The business news channel “is doing pretty well,” said Ailes.

How business journalism has changed

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Herb Greenberg, the senior stocks commentator at CNBC, writes about how his job has changed after 40 years in journalism given social media and new technology.

Greenberg writes, “Like most journalists, I always tried to have some kind of edge and, if at all possible, be first with something good. I kicked all of that up a bunch of notches in 1988, when I started writing a daily ‘Business Insider’ financial column for the San Francisco Chronicle.

“Back then, as hard as my job was, it was easier (if that makes sense). While the financial wire services were slugging it out for real-time dominance, there was no financial TV. No Internet. No social media.

“Then, in the early 1990s, along came CNBC. Money managers like Jim Cramer and even CEOs started to guest host the network’s flagship show, Squawk Box. But it was more about competition. This was the first time I was worried that real-time scoops and first-hand insights could spoil something I had been working on. (When you write six columns a week, there is little room for a story getting derailed, especially as the daily deadline nears.)

“Then came the Internet and the real beginning of the blurring of the lines: David and Tom Gardner’s The Motley Fool, originally on American Online (which used non-journalists to report and analyze stocks); Cramer’s TheStreet.com, which I joined in 1998 (talk about blurring: A quality, edgy news website, aimed at the little guy, started by a former hedge fund manager); TheStreet’s Columnist Conversation, the brainchild of Jon Krim and Leland Montgomery (this was the original streaming stocks discussion, mixing the comments of a few journalists like me with investment pros like Cramer and Doug Kass. (Truth be told: I thought it was a stupid name and an even stupider idea. Boy, was I wrong.)

“Then came the blogs. Suddenly, everybody had a blog. Everybody was a journalist. Everybody, from small investor to money manager, was a legend in their own mind! (Once upon a time, while I was a columnist at at MarketWatch, I even had a blog.)”

Read more here.

Bloomberg still battling Comcast about Bloomberg TV placement

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Bloomberg LP has filed another complaint with the Federal Communications Commission against Comcast Corp., claiming that the cable giant is thumbing its nose at conditions the government put on it as part of approving its 2011 takeover of NBCUniversal, the parent of CNBC.

Joe Flint of the Los Angeles Times writes, “At issue is where Bloomberg’s business news channel is located on Comcast-owned cable systems in relation to Comcast’s own channels CNBC and MSNBC. Bloomberg has claimed that a condition of the merger requires Comcast to move Bloomberg to the same ‘neighborhood’ as its own CNBC and MSNBC channels.

“‘We need a passport to get to the news neighborhood from where we are now,’ cracked Greg Babyak, head of government Affairs for Bloomberg LP.

“Comcast has countered that the FCC’s conditions only apply if Comcast were to start placing similar channels next to each other on the dial, a practice known as ‘neighborhooding.’

“In its latest FCC filing, Bloomberg claimed Comcast has done just that. It cited two markets — Crescent City, Fla., and Claxton, Ga. — where Comcast created a neighborhood of news channels but left out Bloomberg Television.

“‘Comcast is favoring its own programming content and discriminating against competitors,’ Bloomberg attorneys told the FCC.

“A spokeswoman for Comcast denied that the company has created any new news neighborhoods since the NBCUniversal transaction closed last year.”

Read more here.

A first: Fox Business show beats CNBC show in same time slot

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Chris Ariens of TVNewser.com reports that a Fox Business Network show has drawn more viewers than a CNBC show in the same time slot for the first time in the network’s four-and-a-half year existence.

Ariens writes, “For the first time in its 4 1/2 year life, a program on the Fox Business Network has topped a show on CNBC for an entire week in both Total Viewers and younger viewers. Last week, in head-to-head competition at 7pmET, ‘Lou DobbsTonight’ beat ‘The Kudlow Report’ (Mon-Thurs, and a Friday airing of a CNBC documentary) by 18,000 Total Viewers.

  •  Dobbs — 154,000 Total Viewers / 44,000 A25-54 viewers
  •  Kudlow — 136,000 Total Viewers / 35,000 A25-54 viewers

“A few weeks ago Dobbs topped Kudlow in younger viewers for the week. Dobbs’ show joined the Fox Business scheduled a little over a year ago. Dobbs hosted a 7pm show for many years on CNN before joining FBN in 2010. The win comes despite the fact that CNBC is available in 99 million homes vs. FBN’s 58 million.”

Read more here.

Top 10 Wall Street reporters to follow on Twitter

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Loquiveri, a website that follows social media, has posted its top 10 Wall Street reporters to follow on Twitter, which includes Julia LaRoche and Joe Weisenthal of Business Insider, Charles Gasparino of Fox Business Network and Kayla Tausche of CNBC.

Here is a sampling:

Ben White @morningmoneyben

If you don’t ready Morning Money, then you have a serious problem. Quickly catching up to Mike Allen’s Playbook, Ben brings a voice of reason to the financial Twitterverse. As this post is being edited, Ben is absolutely going HAM on Betty Draper and the Mad Men writers. He has a point though, Mad Men was weak tonight.

Julia La Roche @sallypancakes

Writer for Business Insider that is all over the young Wall Street scence. Still unsure where the whole SallyPankes handle fits it, but it has been said that life is all about branding, and it has worked for Julia. Definitely brings a mix of scoops and Patrick McMullan- esque reporting style on all of the uber trendy parties overworked junior traders attend. We can definitely see a Bethany McClean path for Julia. Big fan of Clusterstock (and their out of control headlines!)

Kevin Roose @kevinroose

Although we are big fans of Dealbook, it can be a bit stuffy at times…The Today Show…of financial blogs if you will. But, Kevin certainly has a pulse on the changing culture of Wall Street. Although we are still confident he would change places with some of his subjects, we are looking forward to his yet to be named second book on young wall street bankers.

Read more here.

Why there are no leaks from “Mad Money”

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Joe Weisenthal of Business Insider writes about the lack of lacks about the content produced for “Mad Money,” the CNBC investing show hosted by Jim Cramer.

Weisenthal writes, “We’re here at the NYSE, where we just listened to Mad Money host and all around media guru Jim Cramer talk about his day, and what goes into Mad Money.

“There’s a lot of stuff that we’ll get into, but there was one thing that struck us particularly interesting: Why don’t any of Cramer’s recommendations ever leak out, given that the show is recorded right at 4 PM, and doesn’t air until later in the evening?

“He explained, only 5 people ever see the script, and then: ‘If I fear someone has leaked, I fire them.’ He might ask questions later, but there is ‘No due process.’

“Furthermore, anyone who calls in to ask a question is on mute, and can’t hear any of the show while they wait.”

Read more here.