Categories: OLD Media Moves

Fox Business terminates contract of contributor

Fox Business Network has terminated the contract of contributor Tobin Smith, who was paid $50,000 to tout the stock of Petrosonic Energy, a network spokesperson told Business Insider.

Brett Loguirato writes, “Smith’s contract was terminated under the network’s contributor policy, which states that ‘no contributor to FBN, nor his/her firm, and/or family members are allowed to accept financial consideration of any kind whatsoever to issue research, advertisements, or to otherwise promote individual stocks or securities.’

“On Tuesday, MarketWatch’s Chuck Jaffe reported that Smith, in a 20-page news mailer, touted Petrosonic’s stock — from which Tobin’s company, NBT Equities Research, pocketed $50,000. According to Jaffe, some people considered buying the stock ‘entirely based on Smith’s say-so, and the credibility he exudes in his Fox appearances.’

“According to Fox, Smith was a contributing market analyst for the network and was a regular panelist on the weekly investment program ‘Bulls & Bears.'”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.