CNBC launches sports vertical amid broader biz shift
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CNBC on Tuesday will announce the launch of CNBC Sport, a new coverage area that will be helmed by new and existing CNBC talent.
Why it matters: This is CNBC's first announcement related to a broader plan to shift its editorial and business focus to cross-platform verticals led by subject-matter experts.
- The company is expected to make more announcements about other topic areas soon.
The big picture: The idea is to give sports business executives insights and reporting about sports similar to the data and analysis CNBC provides to financial professionals, CNBC President KC Sullivan said in a statement.
- CNBC has hired sports valuation expert Michael Ozanian from Forbes to serve as senior sports reporter.
- He will create a new valuation program that includes data-driven team rankings, in addition to providing reporting and analysis across CNBC's digital and TV platforms.
Between the lines: The company will also leverage existing talent to double down on sports business coverage.
- Alex Sherman will expand his role to further cover the intersection of sports and media.
- Contessa Brewer will continue to cover sports betting, including casinos and online betting companies.
- Scott Wapner will conduct interviews with league commissioners, team owners and sports investors.
- Jessica Golden will produce and sports content for the vertical, and will help usher in more coverage of sports retail companies, like Adidas and Under Armour.
- Other reporters will continue to helm coverage around sports niches, including as Dominic Chu on golf, Sara Eisen on Formula 1 and Brian Sullivan on motor sports.
Between the lines: CNBC has already been investing in live coverage of sports, and will double down as part of the new strategy.
- CNBC produces an annual business of sports conference, Game Plan, in partnership with Boardroom.
- Andrew Ross Sorkin, Carl Quintanilla and others will host coverage from the 2024 Olympic Games in Paris this summer.
Zoom out: Cable news companies are scrambling to reimagine their businesses for a digital future.
- CNBC already sells digital subscriptions that include access to its live TV feed.
- In the future, it could charge professionals for niche insights around specific verticals, or beats.
