According to Variety, CNBC canceled The News with Shepard Smith in order to focus "more intently on its core product: information tailored for viewers interested in the markets and personal finance." His final show will air in November after which CNBC will replace it with an "evening hour devoted to business news in early 2023," per Variety. As of the time of this writing, no hosts have been named for the new show.

The decision to let Shepard go was carried out under the directive of new CNBC Chair KC Sullivan who replaced Mark Hoffman in early 2022. On Nov. 3, Sullivan sent a memo to staff detailing his goals for CNBC which are to center the network around "business news and personal finance." He went on to say "This is key in our efforts to continue building on our position as the number one global business news brand and to connect with new audiences of all kinds interested in their financial future."