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By David B. Wilkerson
CBSMarketWatch.com
http://cbs.marketwatch.com
Thursday, March 21, 2002
OWINGS MILLS, Md. (CBS.MW) -- Maryland Public Broadcasting
announced plans to replace its long-running "Wall Street Week
with Louis Rukeyser" program with a show co-produced with
Fortune magazine.
The new show will be called "Wall Street Week with Fortune."
Rukeyser, 69, has hosted the Friday night show since 1970.
His contract expires at the end of June.
Rukeyser told CBS.MarketWatch.com he was "blindsided" on
Wednesday by Maryland Public Television, producer of the
show. He was told of changes it wanted to make to the
program, and was offered the role of senior commentator.
"I just decided I didn't want to work with these people,"
Rukeyser said.
Regarding his future plans, Rukeyser said "something big is
going to be announced very shortly," but he declined to
elaborate.
For its part, Maryland Public Television is still saying it
would prefer to have the venerable host back. "We would
like him to remain in a new role in the new format, and there
has been discussion of that," MPT spokesman Jeff Hankin
said. "Obviously we're very appreciative of what he has done
for the show over the years, and his role as an icon in
finance and television."
The program, to debut next fall, will be co-hosted by Geoffrey
Colvin, Fortune's editorial director.
Colvin appears on the CBS Radio Network, and has also
been a guest on "Today," "Good Morning America," "CBS
This Morning," and many other programs. (Viacom, parent
of CBS, also owns a significant stake in MarketWatch.com,
the publisher of this report.)
The format of the new show is still being developed.
Changes will include a newly designed set and "an up-to-date
graphics package."
"In what we've heard from stations in the public television
system, from viewers, and from members, it has become
pretty clear to us that the show needs to be reinvented,"
Hankin said.
While Maryland Public Television does not want to alienate
the show's existing audience, it is hoped that a new format
will have strong appeal for baby boomers who are closing in
on retirement, as well as younger viewers.
"It's very risky," said Marc Berman, a New York-based
programming consultant. "If you think of that show, you think
of [Rukeyser] ... I also think it's risky because PBS is older
skewing. The 50-plus audience is basically who watches
PBS. And if they think they're going to freshen up a show
and bring in some younger faces, it could backfire."
The deal "raises the bar for financial television," said
Robert Shuman, Maryland Public Television's president and
chief executive, in a statement. "The depth and breadth of
Fortune's business and economic coverage is a good fit
with the needs of PBS's financial program viewers," he
said.
PBS' move comes at a time when commercial television
is rapidly re-evaluating its commitment to and presentation
of news. Walt Disney Co. has considered entertainment
alternatives to ABC's long-running "Nightline," and many
observers have wondered how long broadcast networks
can even justify the traditional 6:30 p.m. newscast.
"By drawing on MPT's production expertise and Fortune's
journalistic resources, the show promises to be lively,
informative, and appealing to a wide range of viewers,"
Shuman said. "Together, we can offer television audiences
a powerful source of information in a format that's engaging
and easy to watch," he said.
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