The massive shake-up at CNN is underway. Shelby Coffey III, top dog at the network’s spinoff finanical news channel, CNNfn, quit yesterday, fueling speculation the fledgling network is in trouble.
Coffey’s resignation is expected to be formally announced today, along with a series of management and programming changes, said a CNN insider.
Coffey will leave CNNfn to create a medical foundation with his wife, an emergency room doctor, that will provide ER technique training for lesser-developed countries. He joined CNNfn in November 1999 and is credited with expanding the business news network into a 24-hour operation.
While insiders say he has boosted morale at the fledgling channel, his efforts to catch up to rival CNBC have been fruitless.
The Cable News Network, which is now in the process of laying off about 1,000 employees and revamping its entire programming schedule due to poor ratings and a mandate to cut costs from new parent AOL, will instead air entertainment news throughout the day.
In other CNN changes, The Post has learned, “Showbiz Today” – CNN’s entertainment and celebrity gossip show – has been eased off the network, say sources close to CNN.
The half-hour “Showbiz,” which formerly aired weekdays at 4:30 p.m., is now airing at the very un-primetime hour of 4 a.m.
Sources say “Showbiz Today” co-host Laurin Sydney will stay on at the network to report on entertainment news, but Jim Moret may not. It remains to be seen if the two hosts will stay for the long term without the safety of anchoring their own show.
The production staff of “Showbiz,” however, has not been afforded the luxury of remaining at the network. Sources say the staff will be scaled down and that some “Showbiz” staffers have already begun spreading the “I’m available” word.
There will also be a variety of changes in business news programming.
“Streeetsweep,” the business show that aired on CNN at 4 p.m., right before “Showbiz,” has been demoted to CNNfn. “Streetsweep,” a review of the day’s market news hosted by Jan Hopkins and Terry Keenan, has been booted in favor of the general news show, “CNN Today,” hosted by Joie Chen. It airs in the 4 to 5 p.m. slot.
While both anchors will stay temporarily, sources say they are angered by the move to a financial network that is seen in far fewer homes than CNN.
“Entrepreneurs Only,” a show hosted by former New York City news anchor Tony Guida, is also in trouble. Sources say Guida, who joined CNNfn after stints at WNBC-TV and WCBS-TV, wants out of the network. If Guida leaves, it is likely the show, which airs weekdays at 9:30 p.m. on CNNfn, won’t last.
“Your Money,” a half-hour show about investment trends and money management for the individual investor, is also headed for the exit. It currently airs on CNN on Saturdays at 7 a.m. and Sundays at 2:30 a.m., as well as on CNNfn on Mondays at 10:30 p.m. Sources say the show is likely to be canceled.
“Movers,” a half-hour show that airs on CNN on Saturdays at 3:30 p.m. and 8:30 p.m., as well as on CNNfn on Thursdays at 10:30 p.m., is also likely to go.
Meanwhile, expanding its new strategy of “personality” programming, Bill Hemmer will host a new “CNN Tonight” show from 10 p.m. to 10:30 p.m., leading into “The Spin Room” with Tucker Carlson and Bill Press, a spokeswoman confirmed yesterday.
CNN also said it signed a multi-year contract with political analyst Jeff Greenfield, who will host a new show at 6 p.m.
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All mixed up
Shelby Coffey III, the president of CNNfn, resigned yesterday. That comes as the Cheap News Network lays off 1,000 staffers and revamps its programming schedule. The comings and goings include:
Shelby Coffey III
Announced he’ll form a medical foundation with his wife.
Laurin Sydney and Jim Moret
The celeb gossip show “Showbiz Today” is now airing at 4 a.m. While co-host Sydney will stay on at the network — and co-host Jim Moret may, too — they won’t have the safety of anchoring their own show.
Tony Guida
Sources say the host of the nightly “Entrepreneurs Only” is leaving the network. If he does, the show leaves with him.
Joie Chen
Chen is hosting a general news show in place of “Streetsweep,” the business show that’s been demoted to CNNfn. No word on whether that’s permanent.