Categories: OLD Media Moves

CNBC finding its inner Gordon Gekko

Johnnie Roberts of Newsweek analyzed the recent moves by business news cable network CNBC to remake itself and found that it is striking a chord with viewers.

Roberts wrote, “CNBC has rediscovered its inner Gordon Gekko. With a new team led by president Mark Hoffman, the network unspooled a lineup of dynamic new shows anchored by young, smart journalists: ‘Street Signs’ features market-moving news delivered by up-and-coming money honey Erin Burnett, 30. ‘On the Money’ is a wrap-up of the day’s news, delivered with a business twist by Dylan Ratigan, 34, CNBC’s closest thing to a Scud Stud. In prime time, the network spotlights its rock stars, such as Cramer, and original documentaries like ‘The Age of Wal-Mart,’ which won a Peabody Award. And last week the network relaunched CNBC.com with a new video-rich layout.

“The makeover has caught on with viewers. Ratings are soaring among its target audience of 25- to 54-year-olds, up almost 60 percent from last year. Advertisers are following suit, anxious to reach an audience that, while relatively tiny, is perhaps the most affluent in television. Citing data from Mendelsohn Media Research, CNBC pegs median household income of its core viewers at $184,000, with an average net worth of $1.6 million. The network expects record revenue in excess of $450 million and profit of about $275 million this year. ‘There’s a real renaissance at CNBC,’ says Jeff Zucker, CEO of NBC Universal Television, which includes the business network. ‘It is once again one of the real jewels of the company.’