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Fox Business Channel to Launch in Fourth Quarter

Feb 8, 2007  •  Post A Comment

The long-awaited Fox Business Channel will launch in the fourth quarter of 2007.

The announcement Thursday came from News Corp. Chairman and CEO Rupert Murdoch, who has long yearned for such a channel, and Fox News Chairman and CEO Roger Ailes, who will develop and oversee the new venture. The new network is currently named Fox Business Channel.

The new channel has 30 million subscribers under contract after securing distribution agreements with multiple cable operators, including: Time Warner; Comcast; Charter, and satellite-TV company Direct TV.

The network will be housed at News Corp. headquarters in midtown Manhattan. It is expected to launch in major markets across the country, including the world’s financial capital-New York-where it will be seen on expanded basic cable.

“We have long considered the business television market to be underserved,” Mr. Murdoch said. “Having built Fox News into a cable news leader and a cultural phenomenon against all expectations, I’m confident that Roger Ailes and his team can do the same in business news. I look forward to introducing new competition and a new voice to the business news arena.”

NBCU-owned CNBC dominates the TV business news landscape and has been prepping for competition from Fox for the better part of two years.

For Neil Cavuto, Fox News senior VP and managing editor of business news, this will be a second startup alongside Mr. Ailes. Mr. Cavuto joined Fox News before Fox News Channel launched in 1996. Under his leadership, Fox News’ business unit overtook CNN and CNBC to claim the top five shows in cable business news, including the Saturday morning business block. “Your World With Neil Cavuto” has been No. 1 in its weekday time slot for 60 consecutive months.

“The resources from the strongest media company in the world coupled with Neil Cavuto and a superb business team will enable us to create a viable alternative to what currently exists in the marketplace,” Mr. Ailes said.

Fox News Executive VP Kevin Magee will be responsible for day-to-day operations of the new channel, while Mr. Cavuto will oversee content and business news coverage. Former CNBC personality Alexis Glick will serve as a director of business news, reporting to Mr. Cavuto, while also serving in an on-air capacity.

(Editor: Baumann)