Panic gripped MSNBC headquarters on Wednesday after parent company Comcast confirmed a massive spinoff of its cable properties — with a top executive even suggesting the left-leaning network might be forced to change its name.
MSNBC stars Rachel Maddow, Chris Jansing and Katy Tur joined a tense 10 a.m. meeting at 30 Rock in Midtown led by NBCUniversal chairman Mark Lazarus, who will lead the new company, said sources for The Post.
Employees fearing potential layoffs raised questions about whether the network would have to change its name, logos and headquarters after reports surfaced that the new entity could be cut from NBC News’ reporting muscle, sources said.
Lazarus told MSNBC staff that he wasn’t sure if the network would have to change his identity or his home, according to insiders.
“Everybody is panicking because everything is up in the air,” an MSNBC source told The Post.
Another source close to the network added: “People don’t really know what’s going on. There were elections, the holidays are coming. People are tired and just trying to get by.”
MSNBC declined to comment.
Comcast announced Wednesday that MSNBC — home to anchors that include Joy Reid and Lawrence O’Donnell — will join CNBC, Oxygen, E!, SYFY and the Golf Channel as part of a new company called SpinCo.
Meanwhile, NBC News, NBC Sports, Telemundo, the Peacock streaming service and Bravo will remain under the NBC Universal umbrella.
“Morning Joe” co-host Joe Scarborough expressed his anxieties on “Morning Joe” ahead of the meeting, nervously joking on air: “We could all be fired a year from now.”
“When this happens, you never know what’s going to happen,” he said of the news, to which co-host Mika Brzezinski added: “Or tomorrow.”
The divestiture of the cable properties, which are suffering from declining viewership despite most still being profitable, is expected to take about a year.
The prospect of splitting from NBC News has raised fears among journalists at the company because MSNBC and CNBC routinely share reporting and contributors among others.
Much of MSNBC’s daytime schedule is filled with correspondents affiliated with NBC News, for example, which has raised concerns about how the network will manage its coverage and whether there will be a major shakeup as a result. .
Staffers at the meeting questioned MSNBC’s newsgathering process, asking Lazarus whether a news verification unit would have to be “built from scratch,” the sources said.
Lazarus said he didn’t know, but compared SpinCo to a “well-funded start-up,” according to those at the meeting.
A source said that despite the lack of details, Lazarus’ presence was welcome, with Maddow saying at the meeting: “It’s great to have you here on the first day.”
Tur echoed the sentiment and said she “likes the sound of a well-funded start-up.”
MSNBC President Rashida Jones thanked Lazarus for addressing the staff, before telling them that “change is always complicated.”
“I don’t think anyone knows anything,” said a source close to the situation. “I think they have a year to figure it out.”
MSNBC has seen its ratings tank since Donald Trump defeated Vice President Kamala Harris on Nov. 5.
The rabidly anti-Trump network has averaged about 550,000 viewers since Election Day, down 39% from its October ratings, according to Nielsen data. In primetime, MSNBC’s audience fell 53%, according to Nielsen.
“People are worried, but I’m not sure they’re more worried than they were five minutes before this announcement,” an MSNBC insider said. “Business is not doing well.”
Like other cable networks, MSNBC is facing major business challenges, including cord-cutting as more customers choose to get their news over the air.
MSNBC is projected to shed roughly 10.5% of its subscribers between the end of 2023 and the end of 2025, according to estimates from Kagan, a market research firm that is part of S&P Global Intelligence.
The firm estimated that MSNBC could remain with an average of 61.3 million viewers at the end of 2025 compared to 68.5 million in 2023.
Rival CNN experienced similar declines, averaging 413,000 viewers, or a 22% drop from its October average. Primetime viewership dropped 43%.
Meanwhile, at Fox News, the audience continues to grow in the weeks after the election. The network’s total daily audience was up 38% and its primetime audience was up 21%.
For Comcast, a tax-free spin-off frees it from declining cable networks. Comcast can focus on its Xfinity broadband service, as well as NBCUniversal’s NBC broadcast television networks, movie studios, theme parks and streaming service.
Backers of SpinCo say the cable networks could use the reported $7 billion in annual revenue to reinvest in the cable networks and potentially attract investors or partners when the spin-off happens next year.
“When you look at our assets, talented management team and balance sheet strength, we are able to position these businesses for future growth,” said Comcast Chairman and CEO Brian Roberts. “With significant financial resources from day one, SpinCo will be ideally positioned for success and highly attractive to investors, content creators, distributors and potential partners.”
#MSNBC #staff #panic #NBC #parent #Comcast #plans #spin #channel #possibly #change
Image Source : nypost.com