CNN veteran returns to 'Moneyline'
USA Today
NEW YORK — CNN went back to the future yesterday to rejuvenate its struggling business news operation. The network announced that longtime anchor Lou Dobbs, who left nearly two years ago in a management dispute, will return on May 14 to direct its on-air coverage of business and the economy.
Associated Press
"CNN has new ownership, and AOL Time Warner has a management that I have tremendous confidence in," Dobbs said. "It's a dream job."
CNN executives Philip Kent, center, and Ken Jantz, right, hope business anchor Lou Dobbs can reverse "Moneyline's" ratings slide.
Dobbs will reclaim the anchor desk and be managing editor of CNN's flagship weeknight business news show, "Moneyline News Hour." He'll also be the host of a show wrapping up the day's market news. The show is being developed for CNNfn, which is to be relaunched as CNN Money.
The network clearly hopes the 19-year CNN veteran, a founding anchor, can reverse a ratings slide that has occurred since he left in June 1999. Since then, "Moneyline's" audience has fallen 33 percent to 296,000, and it's been passed by CNBC's "Business Center," up 80 percent to 348,000.
CNN also needs to boost its star power. It is in danger of losing law correspondent Greta Van Susteren, who's said to be talking to NBC about a position that might enable her to report for the network news show and MSNBC.
Dobbs' return also could help ease tensions between CNN founder Ted Turner and the one-time AOL executives who now run his old empire. Turner wanted to woo Dobbs last year, although other CNN leaders, including then-domestic news chief Rick Kaplan, vigorously opposed it. Turner wasn't involved in the latest negotiations.
While Dobbs clearly yearned to be back on the air, a non-compete clause in his contract with CNN precluded him from appearing on another network, including CNBC.
The path for Dobbs' homecoming was cleared last summer when the network fired Kaplan, who had frequently clashed with Dobbs.
"That executive is no longer relevant," Dobbs said.
The company also relaxed its opposition to Dobbs' involvement in Space.com, which he founded. He'll stay on the company's board and keep his 15-percent stake, although he's quitting as chief executive officer and will give his co-investors the proxy to his shares.
Dobbs also will continue to produce with NBC three-times-a-day radio reports for the United Stations Radio Networks. NBC is also a major investor in Space.com.
But Dobbs will abandon plans to write a financial newsletter.
Unlike in his earlier tenure, Dobbs will not run CNN's business news unit. He'll report to CNN Business News general manager Ken Jautz.
"This is a luxury for me," Dobbs said. "I'll have an opportunity to focus purely on the broadcast."
It's unclear what CNN will do with current "Moneyline" anchor Willow Bay. The Los Angeles-based journalist, wife of Disney president Bob Iger, has anchored the show alone since last month when co-anchor Stuart Varney quit.
