CNBC latest to pull back from Hong Kong as local office closes, shows axed

CNBC has become the latest media outlet to pull back from Hong Kong, with owner Versant Media Group closing its local office as part of “programming and production restructuring,” according to Bloomberg. CNBC. Photo: CNBC. The US broadcaster said that several daily shows, including Inside India, The China Connection, and Europe Early Edition, have been axed, while CNBC Meets and Built for Billions will also reportedly come to an end. “International editorial coverage will continue to be led from London, Abu Dhabi, Singapore and Beijing,” a spokesperson said. “As part of these programming and production changes, the Hong Kong bureau will close, while editorial coverage of Hong Kong and the wider region will continue as part of our Asia reporting.” CNBC saw over a dozen layoffs this year after media conglomerate Comcast spun off the business news channel and its sister network MS NOW – formerly MSNBC – into a new company called Versant Media Group. Media groups exit city Although long seen as a regional media hub, several international news operations have scaled back their operations in Hong Kong or left the city entirely in recent years. This April, Yahoo began to scale back its local presence after 27 years, with most full-time news staff laid off. In 2024, the Wall Street Journal relocated its Asia headquarters from Hong Kong to Singapore, while US-backed Radio Free Asia shuttered in Hong Kong citing the implementation of the security law. The New York Times headquarters in New York. File photo: HKFP/Tom Grundy. In 2020, the New York Times shifted a third of its Hong Kong staff to South Korea also citing security law concerns. Meanwhile, Bloomberg, the Financial Times and the Associated Press are among the foreign outlets that have seen staff face visa difficulties. Hong Kong has plummeted in international press freedom indices since the onset of the 2020 and 2024 security laws. Watchdogs cite the arrest and jailing of journalists, raids on newsrooms and the closure of around 10 media outlets including Apple Daily, Stand News and Citizen News. Over 1,000 journalists have lost their jobs, whilst many have emigrated. Meanwhile, the city’s government-funded broadcaster RTHK has adopted new editorial guidelines, purged its archives and axed news and satirical shows. See also: Explainer: Hong Kong’s press freedom under the national security law In 2022, Chief Executive John Lee said press freedom was “in the pocket” of Hongkongers but “nobody is above the law.” Although he has told the press to “tell a good Hong Kong story,” government departments have been reluctant to respond to story pitches. Safeguard press freedom; keep HKFP free for all readers by supporting our team Support HKFP | Policies & Ethics | Error/typo? | Contact | Newsletter | Transparency & Annual Report | Apps Make a one-off donation. Tom founded Hong Kong Free Press in 2015 as the city's first crowdfunded newspaper. He has a BA in Communications and New Media from Leeds University and an MA in Journalism from the University of Hong Kong. He previously founded an NGO advocating for domestic worker rights, and has contributed to the BBC, Deutsche Welle, Al-Jazeera and others. Tom leads HKFP – raising funds, managing the team and navigating risk – whilst regularly speaking on press freedom, ethics and media funding at industry events, schools and conferences around the world. More by Tom Grundy