By Dawn Chmielewski and Aditya Soni
Feb 26 (Reuters) – CNBC is restructuring its newsroom to unify its TV and digital operations in a move that would result in nearly a dozen layoffs including the departure of the website’s managing editor, Jeff McCracken, four sources familiar with the matter told Reuters.
The cuts are part of an overhaul under Editor-in-Chief David Cho, as CNBC prepares to introduce a paywall on its website, the sources said, requesting anonymity because the information was not public.
“The changes made today are to align CNBC’s newsroom structure for the future, they are not driven by cost cutting,” a CNBC spokesperson said in a statement. “We expect to hire more than 40 new editorial roles over the next year across TV, digital, and direct-to-consumer platforms.”
CNBC is among the most-watched cable networks thanks to its live coverage of markets and global business developments.
The layoffs come weeks after Versant Media, the parent company of CNBC, was spun out of Comcast.
Shares of Versant have declined more than 30% since the company listed on the Nasdaq in January.
Besides CNBC, Versant also owns cable networks such as USA, MS NOW, Oxygen, as well as digital assets like Fandango and Rotten Tomatoes.
(Reporting by Dawn Chmielski in Los Angeles and Aditya Soni in Bengaluru and Nia Williams)
