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CNBC is fine-tuning its game.
The NBCUniversal-backed business news media company said on Tuesday it intends to expand its coverage of the sports industry with the launch of a new division called “CNBC Sports.” The company has hired Michael Ozanian, a journalist with Forbes, known for ranking the most valuable sports leagues and teams, as a senior sports reporter to investigate the valuation of sports franchises and how they are affected by news and trends.
A range of CNBC reporters will be covering topics related to this topic, focusing on the intersection of business and sports. CNBC reporters Alex Sherman, Contessa Brewer, Scott Wapner and Jessica Golden will contribute to the effort, with other reporters contributing reports on individual sports, including Sarah Eisen (Formula 1) and Dominic Chew (Golf).
Axios previously reported on the launch of CNBC Sport.
“The spotlight on sports has never been brighter, and more money is moving around than ever before,” CNBC President KC Sullivan said in a statement. “CNBC Sports gives viewers who care deeply about the business of sports, and those looking to invest in this fast-growing sector, a trusted place to get analysis, updates and inside insights to help them get involved.” Since taking the helm at CNBC in 2022, Sullivan has sought to expand content more directly tied to business and market news, launching an evening news show to replace the more general evening news show previously hosted by Shepard Smith.
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CNBC is taking a strategy that others are expected to follow: CNN CEO Mark Thompson has made clear that the Warner Bros. Discovery-backed division will launch digital topic vertical series driven by experts and journalists. NBC News has been trying in recent months to hire journalists to cover the business and culture of sports.
Sports, which have long attracted huge amounts of interest, are attracting even more. Media companies are relying more on televised games and matches as long-standing entertainment programming becomes more readily available through on-demand streaming. Sports and live events are the last remaining formats that can reliably attract the large concurrent audiences that advertisers and cable and satellite distributors continue to crave.
CNBC already runs a conference dedicated to the business of sports: “Game Plan,” produced in collaboration with Boardroom, will feature interviews with Andrew Ross Sorkin and explore the dynamics of business, sports, music and culture.
