MarketWatch media columnist Jon Friedman writes in his Monday column that business news cable network CNBC is facing “scary times.”
Friedman wrote, “NBC Universal, of which CNBC is a division, is planning to make severe cost cuts. The Washington Post reported that the media behemoth will chop up to 700 jobs, or 5% of its workforce, and reduce $750 million from the budget by year-end 2008.
“Meanwhile, the much-rumored Fox Business Channel — a direct competitor to CNBC — will probably be in place by the end of 2007. Fox News chief Roger Ailes told me he pegged the probability at ‘75%.’
“Still, CNBC isn’t looking over its shoulder. ‘You point out NBC’s cuts and Fox, and I see opportunities,’ said Jonathan Wald, senior vice president for business news.
“And Wald emphatically discounts rumors that CNBC and MSNBC, both owned by GE, will merge someday. ‘I don’t think that’s ever going to happen,’ he said.”
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