CNBC has sketched out an intriguing strategy the network hopes will have it getting bigger by sweating the small stuff.
The business-news outlet, backed by NBCUniversal, plans to launch a new unit devoted to creating content aimed at niches of its audience. The division will be led by Max Meyers, a veteran producer who has supervised programs including “Last Call,” “Squawk Box” and “Fast Money,” and who will take on the role of vice president and senior executive producer of strategic verticals and audience development. Meanwhile, CNBC will launch products aimed at coverage of wealth and women’s leadership, the first built around journalist Robert Frank and the second with senior media and technology correspondent Julia Boorstin. A sports-business vertical launched with Alex Sherman has already gained traction since its debut earlier this year.
Operating in an era when traditional TV viewers are prone to seek news and information from new, digital sources means “people have more and more choices,” says KC Sullivan, CNBC’s president, in an interview. Executives at CNBC are “hyper-focused,” he adds, “on being essential to our audience,” which is spurring new services tied to coverage areas of high interest that can range from newsletters to podcasts to conferences. Since joining CNBC in 2023, Sullivan has pushed the network to focus more intently on its core business users, and not wander too far away from subjects of interest to those who buy, sell and trade financial assets.
CNBC is “measuring success as share of time and share of wallet, and focused on how we do that,” Sullivan adds. The network plans to launch more verticals in months to come, with some, like sports, tied to things in which people can invest.
There are reasons for CNBC to seek out new sources of revenue. The unit’s flagship cable network is projected to see ad dollars fall 6.5% in 2025, when market-research firm Kagan, a unit of S&P Global Intelligence, estimates gross advertising revenue will dip to $197.5 million, compared with $211.4 million in 2024. Subscribers, meanwhile, are estimated to fall nearly 5% next year, to 59.6 million from 62.7 million.
CNBC will be among the cable networks being spun off by NBCU parent Comcast into a new, publicly-traded company. CNBC was already planning more verticals, says Sullivan, encouraged by the recent success of “CNBC Investing Club,” which gives subscribers insight into trading by host and commentator Jim Cramer.
“We have for a long time had a clear view of what’s happening in the sector given the disruption of traditional revenue streams in cable,” says Sullivan. “We are facing into that.”
Frank, CNBC’s Wealth Editor and author of “Richistan: A Journey Through the American Wealth Boom,” recently launched a newsletter called “Inside Wealth,” and will report on the business of family offices and high-net-worth individuals. Frank will examine topics such as private capital, taxes, wealth migration, philanthropy, real estate, collectibles, fine art, and luxury transportation.
Boorstin, who will retain her media and technology beat, will in the first quarter of 2025 begin coverage of women’s leadership, with analysis and interviews with women who are driving change in the business sector. Coverage topics may include gender equity and issues facing female leaders. She is the author of the 2022 book “When Women Lead.” A second edition of CNBC’s “Changemakers” list, which recognizes women with accomplishments that have changed the business world, will be announced in February, with an event slated to be held in April.
There’s no cookie-cutter approach to coverage of the various topics. “This is about understanding what each of the audiences wants and needs,” says Sullivan. One may lean more heavily into events. Another may lend itself to production of segments or more on TV. Meyers, the new verticals chief, is expected to work with staff ranging from TV producers to ad-sales and development executives to create content ideas that can attract consumers, but also new sponsorship concepts and lines of revenue.
“I think this is just the beginning,” says Sullivan.
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