Why CNBC is getting into covering sports business

Derek Futterman of Barrett Media looks at CNBC’s recent entry into covering sports business.

Futterman writes, “Yet in the profession itself, he and his colleagues at CNBC are determining new approaches to reporting and creating distinct content that serves the marketplace and appeals to the audience. CNBC has traditionally consisted of a linear television network accessible through cable or NBCUniversal’s Peacock OTT streaming service, along with a website with articles and videos. The company is now moving into a new space by creating an outlet within its brand specifically focused on the intersection between sports and business. CNBC Sport will highlight valuations, advertising, media contracts and other aspects of the sports business through a variety of distribution methods.

“‘In a way, I think we are using CNBC Sport to plant a flag saying, ‘We want to take CNBC’s brand and business in a new direction,’ and sport just happens to be the first vertical we’re doing it with,’ Sherman said, ‘but to me as big of a story as it is internally that we’re bulking up in sports coverage – it’s as big, if not a bigger story, that we are now emphasizing taking the CNBC business and moving it in a direction to try to resonate with younger people who are not simply watching CNBC-TV.'”

Read more here.