CNBC is cancelling Shep Smith’s show amid a broad network restructuring that president KC Sullivan said will force the business news channel to “make some difficult decisions.”

“The News set out on a bold mission of providing non-partisan, fact-based reporting on the most important stories of the day in the U.S. and around the world,” Sullivan wrote in an internal memo on Thursday, referring to Smith’s show. “At a time when misinformation and disinformation is rampant, The News succeeded in providing audiences with the clearest understanding of the facts.”

In his note to staff, Sullivan said that cancelling Smith’s program was part of a decision to refocus the network on core business and finance programming. The News with Shep Smith will be replaced by a new business news program launching next year

(via Memeorandum)