Shepard Smith is out at CNBC after network brass canceled his much-hyped nightly news program just two years after its launch.
CNBC confirmed the end of “The News with Shepard Smith” in a memo to staffers on Thursday, citing an effort to refocus on its core business news audience. Smith is exiting CNBC at an unspecified date later this month, according to the outlet.
“After spending time with many of you and closely reviewing the various aspects of our business, I believe we must prioritize and focus on our core strengths of business news and personal finance,” CNBC President KC Sullivan said in a memo to staffers.
“As a result of this strategic alignment to our core business, we will need to shift some of our priorities and resources and make some difficult decisions,” Sullivan added.
CNBC will reportedly attempt to reassign the approximately 20 staffers impacted by the cancellation of Smith’s show. The business network plans to air market coverage during the 7 p.m. time slot previously occupied by Smith, with the launch of a permanent business-related replacement slated for next year.
The Post has reached out to CNBC for further comment on the situation.
Smith joined CNBC in 2020 after a lengthy stint at Fox News. While CNBC has traditionally focused on heavy coverage of the markets and other business news, Smith’s program took the form of a centrist general news show.
The show’s Twitter bio described its focus as “non-partisan coverage of the day’s most important stories.”
“We need to further invest in business news content that provides our audiences actionable understanding of the complex developments in global markets and the implications on institutions, investors and individuals,” Sullivan’s memo added.
Variety, which first reported on Smith’s exit, noted the move was one of the first major decisions Sullivan has made since taking over for ex-CNBC chief Mark Hoffman earlier this year.
The CNBC shakeup came during a period of upheaval in the broadcast journalism space. CNN is in the midst of a major overhaul under president Chris Licht, with a round of layoffs expected in the coming weeks as top executives pursue a cost-cutting effort.