Business news network CNBC is combining its television and digital newsroom operations in a major restructuring that will eliminate nearly a dozen positions, according to four sources with knowledge of the plan who spoke to Reuters.
Among those losing their jobs is Jeff McCracken, who serves as managing editor of the website, the sources revealed. The sources requested anonymity since the reorganization details have not been made public.
The restructuring is taking place under the leadership of Editor-in-Chief David Cho as CNBC gets ready to launch a subscription paywall for its website content, according to the sources.
However, the job eliminations are not being driven by cost-cutting efforts, sources indicated. The news organization actually intends to hire approximately 40 new employees over the next year, two sources confirmed.
When contacted for comment, both CNBC representatives and McCracken chose not to respond.
CNBC ranks among the top-rated cable news channels due to its real-time market coverage and reporting on international business news.
The workforce reduction follows recent corporate changes, occurring just weeks after CNBC’s parent company Versant Media separated from Comcast through a spinoff transaction.
Since Versant began trading on the Nasdaq exchange in January, the company’s stock value has dropped by more than 30 percent.
Versant Media’s portfolio extends beyond CNBC to include other cable channels like USA Network, MSNBC, and Oxygen, plus digital properties including movie ticket platform Fandango and review site Rotten Tomatoes.
