CNBC is adjusting its game.
The NBCUniversal-backed business news channel said Tuesday that it plans to increase its coverage of the sports industry with the launch of a new vertical called “CNBC Sports.” The company has hired Michael Ozanian, a Forbes journalist known for rankings of the most valuable sports leagues and teams, as a senior sports reporter who will examine the valuations of sports franchises and how they are affected by news and developments.
Several CNBC reporters will add beats related to the topic, focusing on the intersection between business and sports. CNBC journalists Alex Sherman, Contessa Brewer, Scott Wapner and Jessica Golden will contribute to the effort, while others will contribute reports on individual sports, such as Sara Eisen on Formula 1 and Dominic Chu on golf.
Axios previously reported the launch of CNBC Sport.
“The spotlight on sports has never been brighter with more money in the game than ever before,” CNBC President KC Sullivan said in a statement. “CNBC Sport will provide the highly engaged sports business audience and those looking to invest in this fast-growing sector with a trusted destination where they will get analysis, updates and insider insights to help them get in on the action.” Since taking over CNBC in 2022, Sullivan has sought to expand content more directly related to business and market news, launching an early evening news program to replace a more general evening news show anchored by Shepard Smith.
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CNBC is following a strategy that others are expected to emulate. CNN CEO Mark Thompson has formulated a strategy where Warner Bros. Discovery-backed unit launches a range of verticals led by experts and journalists. NBC News has tried in recent months to hire journalists to cover the business and culture of the sport.
Sports, long an important subject of interest, has increasingly become so. Media companies are expanding their reliance on broadcasting games and competitions as the entertainment fare they have long been known for becomes more easily consumed through on-demand streaming. Sports and live events are the last remaining formats that reliably attract the large, simultaneous audiences that advertisers and cable and satellite distributors say they continue to crave.
CNBC is already organizing a conference dedicated to the sports sector. Produced in collaboration with Boardroom, ‘Game Plan’ features interviews conducted by Andrew Ross Sorkin and explores the dynamics between business, sports, music and culture.