As Fast Money ratings spiral,
well-regarded CNBC producer
bolts for StockTwits
Posted: Tuesday, October 8, 2013
On Friday, CNBC's Scott Wapner told a guest of the Halftime Report that Twitter has "become a pretty significant part of what we do."
For one CNBCer over the weekend, it suddenly became a lot more significant.
John Melloy, executive producer of Fast Money and the Halftime Report, on Monday announced his departure from CNBC to become CEO of StockTwits.
One observer describes this defection as "huge" for CNBC, which has struggled recently with 20-year-low ratings across a wide swath of daytime programming.
It's possible Melloy (left) was disenchanted at CNBC. It's also possible that the ocean of money flowing into the social-media sector in search of quality leadership is too good to pass up. It's also possible that both scenarios are true.
There was no mention of Melloy's departure on Monday's Halftime Report or Fast Money. In comments to the Business Insider Web site, Melloy is quoted as having only this to say about his CNBC career: "CNBC was an amazing experience. This was my decision."
According to at least one CNBC insider, Melloy turned in his resignation to CNBC Editor in Chief Nik Deogun and indicated he was not interested in a counteroffer.
Interestingly, especially given that Melloy's new job involves Twitter, very few of his Fast Money and Halftime crew, which number about a dozen regulars, even mentioned the move Monday.
Joe Terranova offered the warmest tribute, and Jon Najarian offered congratulations and high praise that was retweeted by his brother Pete. Twitter accounts of Guy Adami, Karen Finerman, Tim Seymour, Stephen Weiss, Josh Brown, Stephanie Link, Simon Baker, Brian Kelly, Mike Murphy, Michael Khouw, Anthony Scaramucci and the Fast Money and Halftime Report hosts, Melissa Lee and Scott Wapner, were silent on the subject Monday.
Former CNBC Wall Street Reporter Charles Gasparino calls Melloy one of the channel's "best producers."
It is this site's estimation that, without knowing any details, Melloy's StockTwits compensation would likely include equity of some kind, a move of some degree of risk-taking.
Part of Melloy's repertoire at CNBC had been authorship of the "Behind the Money" blog, which according to his bio is something he writes "each day," yet oddly enough given his new role, a check of the blog's home finds no entries since July. Melloy's last bylined article at CNBC.com was in mid-September.
At least 2 people have been credited as the creator/developer (depending on whom you talk to) of "Fast Money," certainly one being Senior Vice President Susan Krakower, the other being original host Dylan Ratigan, who used the term "create" in referring to his own history with the show. This site is aware that Melloy has been well-respected in controlling "the editorial direction" of Fast Money, his job description according to his bio at CNBC.com.
As executive producer, Melloy's Fast Money sprang from a segment of "On the Money" in 2006 to its own 8 p.m. Eastern hourlong show, proving strong enough to force Larry Kudlow out of the desirable 5 p.m. Eastern slot as a lead-in to Jim Cramer's "Mad Money."
A truncated format of the show, tested during the February 2010 Winter Olympics when late afternoon CNBC programming was preempted, proved a strong enough draw during the midday "Power Lunch" that the "Fast Money Halftime Report" was launched as first a 15-minute program, then occupying 30 minutes after "The Strategy Session," and finally absorbing the whole noon Eastern hour.
Success has spread some of the highest-quality guests thin. Turf battles have occurred over which program gets the big interview. The show's original direction of accomplished traders predicting daily market moves has in many cases yielded to a broad forum of guests little different than those featured on "Street Signs" and "Closing Bell" and the morning "Squawk" programs. Melissa Lee originally hosted both versions of "Fast Money"; now Halftime is Scott Wapner's vehicle. CNBC has seemed indecisive from the start as to whether the Halftime Report or 5 p.m. Fast Money should be the "signature" show of the franchise.
Recent ratings for daytime CNBC have reached 20-year lows. One observer without knowledge of production speculated that the departure of Melloy, coupled with sagging ratings across the board, could lead to a retooling of the "Fast Money" franchise or even a broader overhaul of a chunk of the daytime programming.
Melloy's career change only slightly resembles that of former CNBC anchor Ron Insana, who left in 2006 near the peak of the financial bubble to start a hedge fund, which was folded in 2008.
Many journalists prominent in the print field, and some from television, have switched allegiances to the online world, if for nothing else than recognition of a declining mainstream media market and the ability to express their voice 24/7. Melloy's move is unusual given his responsibilities at CNBC and the fact he is not actually on television or bringing a known public persona to StockTwits.
According to the bio at CNBC.com, Melloy joined CNBC in 2006 and has a bachelor's in finance from Villanova and a master's in business from Fordham.