Panic engulfed MSNBC headquarters on Wednesday after parent company Comcast confirmed a massive spinoff of its cable properties — with a top executive even suggesting the left-leaning network may be forced to change its name.
MSNBC stars Rachel Maddow, Chris Jansing and Katy Tur joined a tense 10 a.m. meeting at 30 Rock in Midtown led by NBCUniversal chairman Mark Lazarus, who will lead the new company, sources told The Post.
Staffers fearing looming layoffs peppered him with questions about if the network will need to change its name, logos and headquarters after reports surfaced that the new entity could be cut off from the reporting muscle of NBC News, sources said.
Anxious MSNBC staffers and anchors met with NBCUniversal chairman Mark Lazarus about the plans to spin off the network.
Lazarus told MSNBC staffers that he wasn’t sure if the network would have to change its identity or its home, according to insiders.
Another insider close to the network added: “People don’t really know what’s going on. They had the election, holidays are coming up. People are tired and just trying to get through.”
MSNBC declined to comment.
Comcast announced Wednesday that MSNBC — home to anchors that include Joy Reid and Lawrence O’Donnell — will join CNBC, Oxygen, E!, SYFY and the Golf Channel as part of a new company called SpinCo.
MSNBC star Rachel Maddow thanked Lazarus for answering questions, even as Lazarus was unable to provide details to nervous staffers about how the changes will impact the network’s identity.
Meanwhile, NBC News, NBC Sports, Telemundo, streaming service Peacock and Bravo will remain under the NBC Universal umbrella.
Joe Scarborough, co-host of “Morning Joe” expressed his own anxieties during “Morning Joe” before the meeting, joking nervously on air: “We could all be fired a year from now.”
“When this happens, you never know what’s going to happen,” he said, of the news, to which co-host Mika Brzezinski added: “Or tomorrow.”
Spinning off of the cable properties, which are suffering dwindling viewership despite most still being profitable, is expected to take about a year.
MSNBC president Rashida Jones told panicked MSNBC staffers that “change is always complicated” during a Wednesday morning meeting with Lazarus.
The prospect of being separated from NBC News has spiked fears among journalists at the company because MSNBC and CNBC routinely share reporting and contributors among other things.
Much of MSNBC’s daytime schedule is filled with NBC News-affiliated correspondents, for instance, which has sparked worries about how the network will manage its coverage and if there will be a major upheaval, as a result.
Employees at the meeting inquired about MSNBC’s newsgathering process, asking Lazarus if a unit for verifying the news would have to be “built from scratch,” sources said.
Lazarus said he didn’t know, but likened SpinCo to a “well-funded start-up,” according to those at the meeting.
A source said despite the lack of details, Lazarus’ presence was welcomed, with Maddow saying at the meeting: “It’s great to have you here on day one.”
Mika Brzezinski and Joe Scarborough reported news of the spin off on their show, while also airing their own woes over being laid off as part of the changes.
Tur echoed the sentiment and said she “liked the sound of a well-funded start-up.”
MSNBC president Rashida Jones thanked Lazarus for addressing the staff, before telling them that “change is always complicated.”
“I don’t think anyone knows anything,” said a source close to the situation. “I think they have a year to figure this out.”
MSNBC has seen its ratings tank since Donald Trump defeated Vice President Kamala Harris on Nov. 5.
The rabid anti-Trump network has averaged roughly 550,000 viewers since Election Day, marking a 39% drop compared with its viewership in October, according to Nielsen data. In primetime, MSNBC’s audience fell 53%, according to Nielsen.
“People are anxious but I’m not sure they’re more anxiety-ridden than they were five minutes before this announcement,” an MSNBC insider said. “The business is not doing well.”
Like other cable networks, MSNBC is facing major business challenges, including cord-cutting as more customers opt to get there news via streaming.
MSNBC is projected to shed approximately 10.5% of its subscribers between the end of 2023 and the end of 2025, according to estimates from Kagan, a market-research firm that is part of S&P Global Intelligence.
The firm estimated that MSNBC could be left with an average of 61.3 million viewers at the end of 2025 compared with 68.5 million in 2023.
Comcast CEO Brian Roberts said the new SpinCo entity will potentially attract new investors and partners.
Rival CNN has experienced similar declines, averaging 413,000 viewers, or a 22% dip from its October averages. Primetime viewership fell 43%.
Meanwhile, at Fox News, the audience continues to grow in the weeks after the election. The network’s total day audience jumped 38% and its primetime audience grew 21%.
For Comcast, a tax-free spin-off frees it up from declining cable networks. Comcast can focus on its Xfinity broadband service, as well as NBCUniversal’s NBC broadcast TV networks, film studios, theme parks and streaming service.
Proponents of SpinCo say that the cable networks can use its reported $7 billion in yearly revenue, to reinvest in the cable networks and potentially attract investors or partners when the separation occurs next year.
“When you look at our assets, talented management team and balance sheet strength, we are able to set these businesses up for future growth,” said Comcast chairman and CEO Brian Roberts. “With significant financial resources from day one, SpinCo will be ideally positioned for success and highly attractive to investors, content creators, distributors and potential partners.”
