Elon Musk has made headlines recently with his provocative comments about MSNBC, proclaiming it to be "the utter scum of the Earth" and claiming it "peddles puerile propaganda." This dramatic stance raises eyebrows, especially since he's gone so far as to share memes about the possibility of purchasing the network. Just as these remarks were circulating, Comcast unveiled plans to spin off several of its cable channels, including MSNBC and CNBC, which has stirred intense speculation about the future of these outlets.
Industry insiders have reported mounting anxiety among MSNBC's staff, particularly with the upcoming 2024 election and the stark political climate. Musk’s social media bluster has created some uncomfortable vibes at the network, which historically has been far from his preferred political viewpoint. While many dismiss Musk's tweets as mere banter among billionaires, there’s genuine concern about who might be interested — or more alarming, who could end up owning the network if it changes hands. Surprisingly, beyond Musk, there are other wealthy individuals with liberal credentials reportedly expressing interest, which has sparked some optimism.
Despite the chatter surrounding potential buyers, it’s important to clarify: Comcast hasn’t officially put MSNBC up for sale. CEO Brian Roberts seems committed to creating "SpinCo," where MSNBC will coexist alongside other cable channels without immediate plans for divestiture. This spin-off is framed as part of Comcast's strategy to excite investors and maximize the value of both itself and SpinCo, but it won’t all happen overnight. Comcast anticipates this transition to take roughly one year.
Then, there’s the question of how selling MSNBC might align with tax regulations; the spin-off is structured to be tax-free, which introduces complications if the channel changes hands shortly thereafter. Morgan Stanley analyst Benjamin Swinburne outlined this intricacy, indicating typical expectations of at least a two-year waiting period before any major strategic actions are taken by SpinCo. This suggests if someone like Musk were to come calling, they might have to wait awhile — not to mention whether being sold is even seen as beneficial for shareholders.
Throughout this transition, it appears the executives involved are more focused on growth than being reactive. SpinCo CEO Mark Lazarus indicated they’d prefer to pursue acquisition opportunities rather than selling existing channels like MSNBC — or at least not until they’ve ensured the company is sufficiently stable and profitable.
Yet, Musk's antics have stirred up conversations, including participation from familiar faces like podcast host Joe Rogan, who echoed Musk’s interest humorously. Rogan’s quip about taking over Rachel Maddow's slot only amplified the speculation, as playful rhetoric takes hold of social media. Meanwhile, names like former Florida Congressman Matt Gaetz have expressed their enthusiasm for Musk potentially acquiring the channel, contributing to the swirling narrative.
Underpinning these light-hearted exchanges is something more serious: the concept of "media capture," where influential people chisel away at the independence of media outlets. This has been observed historically and recently, particularly within regimes seeking to manipulate narratives — something analysts and critics fear could transpire if proprietary hands take charge of networks like MSNBC.
The potential shifts at MSNBC are fueled by broader corporate strategies within Comcast. Remarkably, the potential spin-off could involve renaming or rebranding MSNBC, which would mark the end of the network’s identity as we’ve known it since its inception as part of Microsoft and NBC’s joint venture back in 1996. The strategy now seems to be ditching the identity tied closely to NBC, which could have major repercussions for its journalistic quality and audience connection.
Many employees expressed their concerns during recent meetings as they pondered how the separation would impact their work — particularly daunted by the prospect of losing valuable collaboration with NBC News. MSNBC’s close ties to NBC News have significantly influenced its operation, from sharing correspondents to report and source-generally, weaving together the fabric of what many viewers enjoy. The team grapples with uncertainty about whether this new structure can offer the same integrated support they have enjoyed.
Compounding these challenges, the shifting dynamics of news consumption indicate tough times ahead. Market research by Kagan suggested MSNBC is set to lose around 10.5% of its subscribers by the end of 2025, coinciding with the expected post-pandemic viewer shift away from traditional cable. Even the predictably busy 2024 election year might not be enough to staunch this loss, leaving the channel with only about 61 million viewers, down from 68.5 million.
With mixed signals about MSNBC's future — and the industry-wide turmoil impacting cable networks — it remains to be seen how the changes will play out for both the brand and its viewers. What’s evident is the tension bubbling beneath the surface, as employees and fans await clarity amid swirling speculation about sales, branding, and the overall health of the network.
Mark Lazarus characterized the forthcoming entity as "a well-funded start-up,” raising the question of how this rebranding might affect MSNBC's role and programming. Will they double down on their political commentary and analysis, or pivot to survive the tough market? With such fundamental issues at hand, the network may need to rethink its entire approach.
Overall, as Musk jokingly comments about buying the network, it serves as rich fodder for public discourse and media commentary. At the same time, it shines light on the precarious state of cable media and the transformations it must adapt to survive this tumultuous phase.