Four Shakeups in the Financial Media Space
From the expected to the surprising, the financial media space is constantly in flux. With the growth of competition among television and Internet, more opportunities arise.
Are media powerhouses like CNBC losing ground to the ever-fledgling world of online media?
Sometimes, opportunities dwindle, even with the biggest of companies. Steve Ballmer's goodbye to Microsoft was filled with tears, but is not the only change going on at the Seattle company.
Some may pass without much fanfare. Others will lead to further questions. Here are four recent shakeups that you may not know about.
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Star CNBC Producer Leaving to Become CEO of StockTwits
According to Business Insider, CNBC Producer John Melloy is leaving the network to become CEO of the popular website, StockTwits.
Melloy was at CNBC for seven years heading up “Fast Money”, one of the network’s most successful shows along with the “Halftime Report,” a show that airs at 12:00 p.m. and follows a similar format as “Fast Money.”
StockTwits was founded by Howard Lindzon in 2008 and was one of the early websites that created a social media-style community similar to Twitter where traders could discuss stock picks and report breaking news.
The site has grown from a small group of mostly retail investors to an intermingling of new investors and professionals.
Melloy said, "I look forward to the opportunity at StockTwits. It's already an incredible company. I'm joining it at a great time."
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Pearlman Leaves StockTwits to Join Yahoo! Finance
In mid-September Phil Pearlman, who was executive editor of StockTwits, left to become interactive editor at Yahoo! (NASDAQ: YHOO) Finance.
On his website, he said,
“I’m thrilled to get started and will be focusing much energy on bringing super high quality and expert voices to the site. Over the coming weeks, I will relay more specific details so stay tuned!”
Partner at Social Leverage LLC, Pearlman makes investments into early-stage web companies and is said to have an obsession with online community development.
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Microsoft Laying Off MSN Staff
In September, Microsoft (NASDAQ: MSFT) announced that it was laying off about 100 freelance and contract writers from its MSN news and entertainment portal as the company works to reshape itself as a devices and services company.
The MSN arm went through a major shakeup to try and plug what has become a money-drain for the company. In the past two years, Microsoft has lost more than $3 billion prompting investors to call for the sale of MSN.
But along with cutting contract staff, it plans to increase the amount of full time staff. Microsoft didn’t expand on that when asked.
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Herb Greenberg Leaves CNBC for TheStreet
Well, kind of. Greenberg made the announcement in August that he would no longer be a full time employee of CNBC so he and his wife could move back to San Diego.
He has accepted a position at TheStreet, Inc. (NASDAQ: TST) as the editor of “Herb Greenberg’s Realty Check”, a subscription newsletter focused on risk.
It’s not really a departure, though. Apparently, he has a camera installed in his San Diego home and will work at CNBC one week per month.
Maybe a better characterization would be that he’s now a part-time employee.
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