Popular Information and Public Notice report that CNN and CNBC have been heavily promoting Kalshi prediction markets while inconsistently disclosing that Kalshi is not just a questionable source but a business partner.
CNN and CNBC are not just glancing at Kalshi the way a reporter might glance at polls, weather maps, or bond yields. They are building segments and stories around a company that pays for placement, pays for data use, and, in CNBC’s case, has a relationship that can reportedly reward customer acquisition. That is not “one more data point.” That is the roulette wheel getting a contributor’s byline.
Since December CNBC has published 58 articles that do little more than advertise the existence of a Kalshi market related to a news event. The headlines include “Traders predict Michael Jackson hits top Spotify after biopic,” “Kalshi traders don’t see Hormuz traffic normal until July,” and “Traders say Karen Bass and Spencer Pratt will advance to runoff in high-profile LA mayoral race.” (Pratt did not advance.)
Since April, CNBC has employed a dedicated reporter to produce these articles. CNBC also maintains a page on its website featuring Kalshi prediction markets selected by CNBC editors, along with its web coverage.
Some of CNBC’s reporting about Kalshi includes the disclosure, “CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.” This means CNBC is paid every time it can convert a viewer to a Kalshi user. As an investor, the network also benefits if Kalshi’s overall valuation increases. CNBC is also paid directly by Kalshi for using its data, according to The Wrap.
“People are betting on this” is not “people know something.” CNN and CNBC turn Kalshi from a funny aside into the scoreboard. A meaningless number becomes the story, the story becomes an ad, and the disclosure becomes a footnote racing across the screen after the money has already changed hands.
Journalism used to follow the money. Now it runs lower-third graphics for it.
In Shockwave Rider Brunner has the Delphi boards, which are exactly this-predictive betting on current events.