Seven days ago, CNBC news chief Jonathan Wald had one of the most prestigious titles in the media industry.
Today, he’s a cautionary tale.
Last week, CNBC announced that Wald soon will leave the business-news network. He and the General Electric unit couldn’t come to terms on a new contract, CNBC President Mark Hoffman said.
You should care about this development if you care about the state and future of the media. The Wald story is a defining moment. You can call it, with apologies to author Malcolm Gladwell, the tipping point of the news industry.
CNBC put a line in the sand for all media companies. It’s sending a message to the world that it wouldn’t pay up to keep Wald, one of the brightest executives around.
This analysis was written by MarketWatch’s Jon Friedman.