MSNBC is in full-blown panic mode, and rightly so. After taking a brutal 40% ratings dive post-election, the network finds itself staring down the barrel of corporate restructuring, possible layoffs, and the harsh reality that its formula of spinning Democratic narratives no longer resonates with viewers. The newly confirmed plan by Comcast to spin off MSNBC and other properties into a separate entity called “SpinCo” could hardly be more aptly named for a network that has made spinning news into partisan fantasy its modus operandi.

According to insiders, MSNBC staffers and producers are grappling with the fallout of their hyper-partisan programming. One insider admitted, “We were so Harris propaganda that when she lost, viewers were shocked.” The network’s refusal to confront reality in its programming has now come back to haunt it. Instead of preparing its audience for a competitive election, it lulled them into the delusion that their political opponents were irrelevant or doomed. The result? Viewer disillusionment and a mass exodus.

Adding to the chaos, producers are reportedly struggling with the question of how to incorporate conservative voices—a clear acknowledgment that their echo chamber approach isn’t sustainable. Yet the challenge remains whether a liberal audience, conditioned to expect a “safe space,” will tolerate even a modicum of ideological diversity.

The creation of SpinCo, which includes MSNBC, CNBC, E!, Oxygen, Syfy, and the Golf Channel, marks a stark separation from NBC News. This move potentially isolates MSNBC from the resources and prestige of the larger news division, leaving the network in an even more precarious position. Staffers, fearing the worst, grilled NBCUniversal chairman Mark Lazarus in a tense meeting about potential layoffs, rebranding, and the future of their operation.

The uncertainty is palpable. “Everyone is in a panic because everything is up in the air,” one insider confessed. Indeed, the SpinCo decision suggests that Comcast views MSNBC as more liability than asset.

Even MSNBC’s marquee names are not immune to the fallout. Reports indicate that Rachel Maddow, long the network’s highest-paid host, has seen her $30 million annual salary slashed by $5 million. Maddow’s contract—paying her a staggering sum for hosting just one show per week—has become emblematic of MSNBC’s financial mismanagement. While a $25 million paycheck is still astronomical, it’s a glaring reminder of the network’s misplaced priorities.

Some argue Maddow should have been shown the door entirely, considering her role as the face of MSNBC’s hyper-partisan direction. Her pay cut, however, could signal more drastic changes ahead, as the network reevaluates its star-driven, opinion-heavy approach.

Amid the turmoil, Morning Joe hosts Joe Scarborough and Mika Brzezinski reportedly reached out to President-elect Donald Trump—likely in a desperate bid to preserve their careers. The move has alienated MSNBC’s left-leaning base, which views any engagement with Trump as heresy, and only adds to the perception that the pair are scrambling to stay relevant.

However, their efforts may be futile. As insiders note, the show’s ratings have tanked, and their attempt to cozy up to Trump is unlikely to earn them goodwill with either their audience or their bosses.

MSNBC’s implosion is a cautionary tale for networks that prioritize partisan cheerleading over balanced reporting. The network’s failure to adapt to changing political realities, combined with its financial inefficiencies and insular culture, has left it vulnerable to collapse. SpinCo may represent a new beginning—or the beginning of the end.