We are disappointed to report that the Nightly Business Report has been purchased by CNBC.

“Nightly Business Report,” the 34-year-old nightly business news show that airs on public television stations across the country, will start being produced by CNBC, according to a deal announced today.

We have often referenced NBR as trusted source for unbiased advice, news and perspective for long-term investors.   However, the takeover by CNBC is a cause for grave concern. CNBC, in our opinion, is a source of financial “noise” that inspires investors to take rash decisions and erode they long-term investing discipline.

We fear the public’s interest will be supplanted by private interests. The worst is the name will probably be kept giving the appearance that NBR puts the public’s interest ahead of the interests of CNBC shareholders and advertisers.