Out with the old, in with the new. CNBC’s been saying goodbye to a lot of staff in the last few months. CNBC Europe chief Mike Buckley, who’s been on the job for the past eight years is exiting, as is London correspondent Guy Johnson, who’s joining Bloomberg TV.
Anchors Melissa Francis, Erin Burnett and Trish Regan all departed this year after running headlong into the glass ceiling known as Maria Bartiromo, the longtime anchorwoman.
Some former staffers are dubbing the changes a “brain drain” and speculating that CNBC’s grizzled M&A reporter, David Faber, might be ready for a new challenge.
Francis is jumping to Fox Business while Regan will start her gig with Bloomberg TV’s “Street Smarts,” starts in January. Joining Regan at Bloomberg will be Jason Farkas as senior producer, it was announced Friday.
CNBC doesn’t deny it has spent much of 2011 bringing in fresh legs. This year the network hired Seema Mody, Kayla Tausche, Andrew Ross Sorkin, Brian Sullivan and gave Gary Kaminsky, a permanent contract this year.
Aussie import Amanda Drury, who moved from the Asian bureau in May 2010, remains in the mix with her midday market show.
The Post’s Page Six reported recently that the cable business channel didn’t make its budget and raised the possibility of cuts in the coming months. Meanwhile, CNBC President Mark Hoffman is pushing staff for a new concept along the lines of “American Greed” to buoy prime time.
A spokesman told On The Money: “Everything is up at CNBC: viewers, users, profits and our collective IQ.” –CLAIRE ATKINSON
Inanimate
Maybe it’s time for Jeffrey Katzenberg to be less animated in his decision-making.
The DreamWorks Animation CEO is under serious fire from investors, who are praying another studio will swoop in and buy the company — a move frowned on by Katzenberg, who isn’t willing to reduce his control.
A sale may be the only way to stop the bleeding, as shares of the digital-animation studio have plummeted 43 percent this year.
Several analysts expect virtually no earnings growth in the next three years, as DreamWorks Animation hasn’t been able to conjure up another cash-cow franchise like “Shrek.”
A Tinseltown insider best summed up the situation for On the Money, saying, “It seems like overnight DreamWorks went from the ‘it’ studio for animation to not being in the conversation.
“Katzenberg is still the right man to lead them, but it really looks like he needs help in choosing which films to greenlight.” –JOSEPH BARRACATO
Mini Mitt
Critics of Republican presidential candidate Mitt Romney say he pretends that the more liberal former Massachusetts governor was his evil twin.
Unlike that governor, for example, the real Mitt Romney does not support a national health-insurance mandate.
Well, there is some irony to be explored here.
A little-known fact is that Romney, after losing the 1994 Massachusetts Senate race, returned to his private-equity firm, Bain Capital, with an investment idea.
Bain would invest roughly $5 million in My Twinn, a company that makes just-like-me dolls that resemble the owner, a source with direct knowledge of the investment said.
My Twinn turned out be a losing investment.
Perhaps his investment in becoming the Republican nominee will be more successful.
My Twinn, Bain and Romney spokespeople did not return calls. –JOSH KOSMAN
Fund City
It’s been quite a year for New York City start-up Tutorspree, an online platform connecting students with private educators.
First, the founders — Aaron Harris, Ryan Bednar and Josh Abrams — left the city for Silicon Valley to join the exclusive Y Combinator startup incubator. Then super-investor Yuri Milner threw $150,000 at them.
Tutorspree was considering staying out West but made the call to return to New York, and it has paid off.
The company just took a $1 million funding round from some big investors, including Sequoia Capital, the same firm that gave Google its start. –GARETT SLOANE