CNBC Cuts Staff

  • February 16, 2001
Business TV news network CNBC said Thursday it has reduced its network staff by 4% and staff by 26%, making it the latest media company to include layoffs in cost-cutting measures. The reductions come after last week's announcement that the TV network and are consolidating. Paul Capelli, VP of public relations at CNBC, said there were about 520 staff members at the network and 100 people at the online unit before the layoffs. Capelli said the 26% reduction at affect full-time staff members. Freelance staff was also reduced. "Because of the current environment, we've been looking at cost expenses, and we're looking at cutting back," Capelli said. "Our business is solid, and our ad revenues are solid. It's just that this is part of an NBC unit. Everyone is experiencing reductions across the board."
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