TVNewser has learned CNBC president Mark Hoffman sent out a memo this morning announcing that CNBC Europe and CNBC Asia have merged to form CNBC International.
Last month the New York Post reported CNBC Europe was prepared to make cuts after not making budget. “Wide-ranging consequences,” would result an insider told the Post.
Additionally, British newspaper The Independent reported last month that CNBC Europe allowed production company FBC to produce its “World Business” show for more than six years. That was until this summer when the paper revealed that FBC “was being paid millions of pounds a year by Malaysia to promote its national interest.”
> Update: Memo after the jump. “We will achieve better overall coordination with a single P&L focused on one set of common goals and objectives,” writes Hoffman.
From: CNBC Employee Communications (CNBC)
Sent: 06 December 2011
Subject: Message from Mark Hoffman
I am pleased to announce that we will merge CNBC in Asia Pacific and CNBC in EMEA to form CNBC International. Starting today, we will run the international business as a single entity.
We will achieve better overall coordination with a single P&L focused on one set of common goals and objectives. Different regions sometimes require unique strategies and tactics. But, by putting the teams together, we will be more effective as we make editorial and commercial decisions. Coordinated decision making, streamlined communication and shared goals can only make us stronger.
Satpal Brainch will lead this effort. Effective today, Satpal Brainch will be promoted to President, CNBC International, reporting to me. The last two and a half years, Sat has done an excellent job as President of CNBC in Asia Pacific growing the business, overseeing the building of a state-of-the-art facility at the Singapore Exchange and establishing strong relationships in the region.
As CFO of CNBC for the two years prior to his position in Asia , Sat was an integral member of the leadership team and played an important part in CNBC’s record-breaking growth.
As a result of this reorganization, Mick Buckley will be leaving CNBC at the end of the year. I’d like to thank Mick for his quality contributions to CNBC in EMEA during the past eight years. Mick joined CNBC in EMEA as Commercial Director and quickly moved into his current role as President and Managing Director of CNBC in EMEA. He led CNBC in EMEA to profitability through dedication, team building and passion for growth.
Please join me in congratulating Sat on his new role and wishing Mick all the best in his future endeavors.