Jeff Zucker Defends CNBC, Jim Cramer

NEW YORK — Jeff Zucker, the chief executive of NBC Universal, called comedian Jon Stewart's attacks on business network CNBC "incredibly unfair."

At a media conference Wednesday in New York, Zucker said the "Daily Show" host's recent criticisms of CNBC, its "Mad Money" host Jim Cramer and business media in general were "completely out of line."

Stewart has had strong words for CNBC on his Comedy Central show, arguing that journalists who cover Wall Street should have done more to warn of the financial meltdown through critical reporting, instead of acting like market cheerleaders.

Zucker said while interviewed on a stage by BusinessWeek that while "everyone wants to find a scapegoat," to suggest that the business media or CNBC was responsible for the economic meltdown is "absurd."

A Comedy Central spokeswoman said the channel had no comment.

Zucker was upbeat on CNBC's viewership, saying that while traditionally people shift away from watching financial news when the economy is doing poorly, the public in the current downturn is "far more" intrigued by the intersection of business, the economy and Wall Street.

Even so, NBC has been squeezed by the economic downturn and a slowdown in advertising revenue that has hurt every type of media outlet. In December, the company laid off 500 employees, or about 3 percent of its work force.

Zucker acknowledged uncertainty in the advertising market because of the economic crisis _ even, "frankly, some paralysis on the part of advertisers who aren't sure what their budgets will be."

He nonetheless expects NBC's cable business, which includes channels like Bravo, USA and MSNBC, to continue to do well on the advertising front, while "broadcast will be slower." Cable networks account for about 60 percent of the company's operating profit, and, said Zucker, "that's where our growth is going to come from."

Asked whether Hulu.com, a joint venture between NBC and News Corp.'s Fox that offers free, ad-supported TV shows and movies, can make money, Zucker answered "yes."

"Let me just say it's well ahead of plan and something we think will be an important contributor to our company for many years to come," he said.

Zucker was speaking at a media summit presented by McGraw-Hill Cos.

Comments

[nivek]

Defend? As in a criminal defense? Better get bigger guns Jeff.

[qtpi410]

Go Jon. Sad day when we have to depend on people like Jon Stewart to give us some good reporting and grilling of the so called experts. MSM has no balls any more. And when the MSM does an interview its only for what maybe 5 minutes. Stewart should have a morning show.

[Darthwave]

That is so very true. When we have to depend on a satire comedy news show to conduct a real interview. So now its unfair to take somebody's own words and play them back to him and then be questioned on those words.

[sciengr]

As an CEO he's going to step in and defend his property, I am and I would still Stewart is right. CNBC is great deal more about entertainment and ad revenue more than analysis. CNBC always took CEOs at their word and gave them a platform to pitch their stock to millions of viewers.

How many times did CNBC come back afterward and refute misstatements or misrepresentations from a interview? CNBC could have interviewed a CEO and critically investigated his statements prior to broadcasting. Problem is actually having staff to investigate would have hit the bottom line of CNBC. CNBC chose not to so they are getting fall out, that's the price you pay for taking short cuts.

[VivaZapata]

spot on, but i'm guessing that maybe _ucker wants to keep it going because he might subscribe to the old adage that even bad publicity is good publicity. however, the more people go back to stewart's original scalpelling of santelli, cramer, et. al., the worse the network looks. i would leave it alone if i were them and maybe turn the network into a worker's channel. the revenue from work clothes alone would pay for the revenue. call me, _ucker. let's talk.

[zest]

"Unfair"? Tell that to the investors who followed Cramer's advice.

[PlayTOE]

Investors who followed Cramer's advice now have good grounds for a class action.

[VivaZapata]

except that they always have disclaimers abrogating responsibility. even so, maybe you're right.

[care4mypeeps]

Cramer got what he had coming to him. Carma deliverd the results of his deception about cheating on the hedge funds. He was brought face to face with his dishonesty and was left to face the music.

This is not a crushing blow because our sins and misgivings when they are exposed forces us to come to terms with Our dishonesty.

We generally learn from our mistakes. Cramer had it coming and when it finally came it stunned him to the point he lost a little steam with his yelling out information ,his tone mellowed a bit.

[PlayTOE]

Jeff Zucker is defending Jim Cramer ....

I guess this gives Jon Stewart a really great opportunity to roast the both of them. (yes they deserve it).

Also, it proves the network CNBC is incredibly involved in duping the public. Time for a class action lawsuit against Jim Cramer, Jeff Zucker, & CNBC by everyone who lost money following Jim Cramer's advice.

[bjohns703]

Jon Stewart was too easy on him. Just think if Cramer had gone on FOX News and had it out
with O'reilly or Hannity. They would have ripped him to shreds for misleading the public
and then he tried to backpedal his way out of it.

[eddoreandarisia]

When you hear lines like "incredibly unfair" and "completely out of line" it's clear the person saying them has no ability to articulate on the subject they are critical of. So what's "incredibly unfair" and "completely out of line," Zucker? As a media technocrat, Zucker is just another monolithic fixture in the bad-television industry. People should continue to dump major TV network viewing and make individuals like him and Cramer disappear. Watch only your alternative cable channels, or don't watch TV at all.

[noradunn]

Stewart did not attack Cramer, he interviewed him as a journalist should, laid it out, point by point, and gave Cramer his chance to refute it. Cramer could not do it. He is on tape admitting to crimes, and boasting about it. Zucker is defending GE, whom he works for. And no one, no one, on NBC has ever given a fair and unbalanced interview. The good news is, we can now get that elsewhere. Look at the tape, Jeff, the cops REALLY WERE beating up Rodney King.

[WriteStuffNYC]

Two words for Mr. Zucker: SOUR. GRAPES.

Granted, you're taking a position in order to take some of the heat away from Cramer, but it's not helping. And besides, only dummies will believe your distortion that Jon Stewart is making Cramer a scapegoat. He isn't doing that. He's making Cramer answer for his own failings, period. Stop making it worse, Jeff -- SHUT UP!

[norkas]

Cramer and others did nothing to warn the American people about credit defaults abd derivitives that destroyed America. These scams and that what they are broughta burden on the tax payer that is beyond reality.

Those that invented this knew that everything would go into the hole and we would have to pay for the biggest trillion dollar scam ever.

Cramer as others kept quiet and instead of now speaking everyday about these scams and explaining them they want to pretend it never happened. Or the problem should just go away.

I am tired of not just Cramer but many of the other s that pretend they even care about Americans or the future of our country.

We need to be protected from the many crooks in wall street in need strong regulations so there will be confidence again. The con men of wall street are many and they destroed this economy.

Mr Cramer if you really want to change please explain what credit defaults are in simple language and derivities and how we were scamed. And then tell the government you surppot strong regulations so the lowlifes that did this to America can never do it again.

Zucker you should just shut up and let Cramer take the hit like a man.

[totalliberal]

Zucker has no idea who Stewart is. He's just mouthing dumb statements that his second to last toady passed on to him. That's why his network is 4th in the ratings. Say guby Mr. Zucker.

[Lazaro Sosa]

Ok my republican is showing. I meant Stewart News Network. I always get Ben Stiller and Jon Stewart swapped around. Probably because they both are funny as hell.

[Lazaro Sosa]

It's really sad when a comedian does a better reporting job than the reporters do. CNBC is only one of many to provide us with such a disservice. Did anyone catch the Cheney interview? Maybe there should be a new news station. SNN Stiller News Network. Maybe then we won't have reporters that are shills for corporate America.

[jalowe1957]

The only reason Zucker is defending Cramer and his sycophanic journalistic choir iover at CNBC is because he's trying to divert attention away from his own screw-ups and other leadership deficits at his tanking NBC network.

But then, what would you expect from a corporate flack hack?

[VivaZapata]

where was zucker in condemning cramer when he was unfair to obama who had nothing to do with the depression? stewart might have been unrelenting and perhaps harsh, but his attack on CNBC was little more than montaging their own reportage to show how wrongheaded the network is. this is not unfair. what CNBC does to the poor schlub who believes their crap, only to watch his/her money get drained away, is unfair. take the z from zucker's name and find a suitable replacement letter.

[PlayTOE]

take the z from zucker's name and find a suitable replacement letter.

LoL ... I think I can do that Fine,

[Zengeist]

A clueless executive overseeing clueless talking heads. Gee, go figure. Stay with it, Jon.