CNBC Staffers "Scared S***less" By Looming Cuts

The network is understandably seeing record ratings, thanks to everyone from anxious office drones to stay-at-home moms who wouldn't necessarily know the Libor (London Interbank Offered Rate) from a Labrador, all tuning in to monitor the nation's financial meltdown--and its effect on the value of their 401(k) accounts.

While the gallows humor continues, CNBC isn't exactly laughing all the way to the bank. Despite the yuks and the huge numbers, the network is now in the process of slashing as much as 10% from its budget. People at the network, says one staffer, "are scared s---less."

It is a different kind of corporate irony: As CNBC enjoys a new level of visibility and is about to launch a massive new marketing campaign to capitalize on the momentum, it must do so while navigating through the same flailing economy that has sent the network's proverbial stock soaring.

Since September, when the federal government took over mortgage giants Fannie Mae and Freddie Mac and Lehman Brothers collapsed, CNBC has seen the best ratings of its 19-year history, breaking half a million viewers in mid-September for its business day programming (5 a.m. to 7 p.m.) and finishing the month with an average of 373,000 viewers, an increase of 46% compared to Sept. 2007. Among news' sales demographic of 25-54 year olds, business day programming averaged just over 100,000 viewers for the month, an increase from numbers that often leveled off in the five figures.

In October, the news was even better. CNBC averaged just over 500,000 viewers for the month for business day with 150,000 in the demo. So far, the network is up 66% in the fourth quarter compared to the same period last year.

As CNBC executives like to point out, these ratings represent in-home viewing only and do not take into account the sets tuned to CNBC on trading floors and in offices, airport lounges and health clubs. Indeed, walk into any New York City gym these days and CNBC has seemingly replaced ESPN in the cardio theater.

The network has generally been protected from company-wide contractions at parent company NBC Universal, thanks to what have been impressive profit margins (due to some of the highest CPM rates in television) and looming competition from the Fox Business Network, which launched in October 2007. That is, until now.

Read the whole story here.

Comments

[smokeystover39]

Erin Burnett has GOT TO GO!!!! She was on Meet The Press recently and she could bearly keep up with the cue cards. It's actually painful to watch her on CNBC - kinda like shivver you get from the sound of fingernails on a blackboard. Larry Kudlow has to walk the plank 'cause I'm tired of pseudo intellectuals who won't recognize that there is no cure for stupid. Dylan Rattigan let the cat out of the bag when he went up against Bartiromo on the Employee Free Choice Act. She had to bitch slap him on national TV and remind him that workers organizing with a secret ballot is an American institution. Dylan should man-up to being on the far right then he wouldn't have to try to hide his knee pads on Morning Joe. Finally, CNBC should take a page out of the Bloomberg TV play book and remove Becky Quick (the poster girl for botox overdose) and replace her with Carol Massar. Joe Kernen - a total motor mouth well past his prime should be traded in for Bloomberg's superstar Bernard Lo. Snuff said.

[Sparty1]

The two pictured with the article should be the 1st to go. They, in particular Erin Burnett, are clueless about financial matters. She needs to go read cue cards somewhere else b/c the financial game is not where she should be.

[moAb]

How frequently are sell recommendations made on CNBC? (If you exclude Cramer...any at all?).

[mediamarv]

You can't say shitless on HuffPo??

[BushBites]

Hey, CNBC:

I'll "rah, rah" everything the Wall Street big shots do and shout Supply Side nonsense at half the price.

Have your people get in touch with my people.

[iceage7]

Why cant they have a business channel that represents Professors, Shiff, Krugmans, and the guy who called the housing market tragedy long ago it happened starts with an N. I financial show that does not represent the main stream media punditts.

[BushBites]

Guess it's cheaper to hire a bunch of corporate cheerleaders.

[Americanium]

That arrogant piece of human waste Chucky Gas... needs to go. He is still campaigning for McCain even though the election is over.

He does not miss an opportunity to try and belittle President -elect Obama. "that guy" he calls him, with disdain dripping from mouth.

I hope to not run into the former Golden Glove prospect. I may be tempted to introduce my feet to his scrotum.

[stunsitfel]

I bought Kudlow's "free capital market system" bs and it cost me badly. Take him to the woodshed.

[BushBites]

Never trust a cokehead with your money.

[GobBluth]

Agreed Kudlow is the absolute worst but likewise, Dennis Neal -- his frustrated Nerd apparent is the next in line. He headlines no show although he is a part of the crew of Power Lunch I think --but his level of disrespect and snideness to guests before and during the crisis was so Rush-Savage-Kudlow-Rovian Style Republican nonsense that I have yet to hear him apologize or even admit he was wrong about the crisis, causes or even the possibility of the act. In fact, he still refuses to call it a recession. Bartiromo is bad enough (she practically fawned over Palin) but Neal is no excuse given his very limited name recognition, principled dialogue and abilities. Can this guy CNBC!

[bubbuh]

They were the little piggies who bellied up to the trough. The trough is emptying now.

[morbie5]

Kudlow needs to be shown the door, along with all the supply side fools.

[motoGpifupleez]

You can bet there won't be any on-air personalities losing their jobs. If getting it wrong could cost you that job, the set would have been emptied looooong ago.

[hopefull2008]

Hopefully, with the cutbacks, Melissa Lee will get more primetime. She is great. As for Burnett, she does not seem to realise the anybody watching her channel for the last few months is not in the mood for her goofing around. The chemistry is much better over at Fox Business eventhough CNBC has more talent.

[mediamarv]

How about Pay per view pole dances, in between the usual nonsense???

Would help me on the glider workout!!

[MNmommy]

Keep Erin, Maria and Dillon - cut Haynes, Kudlow and Cramer!

[Badfickle]

I like cramer. at least for the amusement value.