CNBC's budget being cut

Felix Gillette of the New York Observer writes Wednesday that business news network CNBC is seeing its budget cut at a time when its ratings have hit all-time highs.

Gillette writes, “Bosses at CNBC, The Observer has learned, are now preparing to scale back budgets. Sources inside CNBC have heard that the figure could approach a 10 percent overall budget cut.

“‘We’re committed to having the best team in business news worldwide,’ said CNBC spokesman Kevin Goldman.

“In recent years, NBC’s shift from the analog to the digital era has resulted in a range of money-saving maneuvers, particularly at MSNBC and NBC News.

“But until now CNBC has largely avoided the machete. Last year, for instance, the cable business channel was reportedly exempted from the cuts thanks to the nascent competition from the newly launched Fox Business Network.”

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