NEW YORK – News Corporation (NWS) will launch a business cable network scheduled to debut in the fourth quarter of 2007, announced Rupert Murdoch, Chairman and Chief Executive Officer of the company. Roger Ailes, Chairman and CEO, FOX News and Chairman, FOX Television Stations will develop and oversee the new venture, which is currently named FOX Business Channel.
Presently, FOX Business Channel has 30 million subscribers under contract after securing distribution agreements with multiple cable operators, including: Time Warner (TWX); Comcast; Charter, and Direct TV. The network, which will be housed at News Corporation headquarters in midtown Manhattan, 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.
In making the announcement, Murdoch said, “We have long considered the business television market to be underserved. 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.”
Ailes added, “I’m pleased to have the opportunity to extend the FOX News brand through this new enterprise. 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.”
Neil Cavuto, FOX News’ Senior Vice President and Managing Editor of business news commented, “I’m thrilled to be part of another start-up operation and am excited at the prospect of showcasing some of the best business programming in television on a new platform.”
Under the leadership of Cavuto, FOX News’ business news unit overtook CNN and CNBC to claim the top five shows in cable news, which include the popular Saturday morning business block. Cavuto's signature business program, Your World, has been number one in its timeslot for 60 consecutive months.
Kevin Magee, Executive Vice President, FOX News will be responsible for day to day operations of the FOX Business Channel, while Cavuto will oversee content and business news coverage. Alexis Glick will serve as a director of business news, reporting to Cavuto, while also serving in an on-air capacity.
News Corp. is the parent company of FOX News, which operates FOXNews.com.