In the ever-evolving media landscape, the power of a name is undeniable. As the industry undergoes a rebranding revolution, companies are reevaluating their identities, and the impact of these changes is profound. From corporate trade names to consumer-facing channels and streaming services, the disruption is causing executives to rethink or reinforce their brand's core values. And in some cases, forced rebrandings are becoming the new norm, leaving businesses with no choice but to adapt and make the most of it.
In recent weeks, several major publishers have made significant changes. Gannett transformed into USA Today Inc., and Dotdash Meredith became People Inc., both adopting the name of their most prominent media brand. ESPN and CNN launched new consumer-facing streaming services named after themselves, while Apple TV simplified its service by dropping the "+" from its name. The cable company Altice is rebranding as Optimum, and Charter is set to become Cox.
However, the most intriguing rebranding story is undoubtedly NBCUniversal's plan to spin out its cable channels into a newly-named Versant. Within this new entity, CNBC will retain its name, but MSNBC will be rebranded as MS NOW. This decision has sparked curiosity and raised questions among employees and viewers alike.
The initial confusion surrounding the rebranding of MSNBC to MS NOW is understandable. While CNBC stands for Consumer News and Business Channel, MSNBC's rebranding presents a unique challenge. Rebecca Kutler, the president of MS NOW, advocated for keeping the "MS" in the new name during brainstorming sessions. MS NOW, which stands for "My Source for News, Opinion, and the World," aims to maintain a connection with the brand's existing identity.
Despite the initial confusion, Versant has successfully generated excitement among its employees. Jen Psaki, a primetime host and former White House Press Secretary, initially viewed the rebranding as a potential headache. However, her experience at the MSNBC Live event, where viewers expressed enthusiasm for specific talents, combined with Versant's substantial $20 million marketing push, eased her concerns. Psaki recognized the importance of loyalty to certain faces within the brand.
Michael Steele, a former RNC chairman and MSNBC host, offered a different perspective. He saw the rebranding as a natural progression, likening it to a child growing up and leaving home. Steele appreciated how the new name, MS NOW, emphasized a more contemporary and people-centric approach, moving away from the iconic label of MSNBC.
Marketing experts emphasize the significance of brand names, especially in a crowded media environment. Trevor Edwards, a former president of the Nike Brand, highlights that a corporate brand becomes relevant when connecting with a specific audience. Versant, as a holding organization, may not have a direct relationship with the audience, but the brands within it, such as MS NOW, CNBC, and others, play a crucial role in defining products, services, or experiences for consumers.
David Reibstein, a professor of marketing at the University of Pennsylvania's Wharton School of Business, distinguishes between two strategies: the 'house of brands' and the 'branded house.' While a holding company brand like Versant may matter to Wall Street analysts or commercial relationships, the brands within it are essential for consumers. Reibstein uses Disney as an example, a brand that holds significant meaning for consumers, unlike Paramount.
The choice between a house of brands and a branded house depends on a company's strategy. When a brand brings authority and a deeper connection, it becomes a powerful tool. ESPN's decision to launch its streaming service under the brand name ESPN is a prime example. The brand's power and trust, combined with its digital-first approach, make it a compelling choice.
In a world saturated with content, brands are more crucial than ever. They help companies stand out and provide consumers with a sense of trust and familiarity. As MS NOW demonstrates, sometimes the brand has little say in the matter, and executives must push forward, ensuring that everyone involved embraces the change. With conviction and a clear vision, companies can navigate the evolving media landscape and create a lasting impact.
