Fox challenges CNBC with new biz channel
Business Law
Rupert Murdoch has entered a dark horse in high-stakes races before, and won. On Monday, the News Corp. media titan trots out the Fox Business Network.
Two years in the making, the channel will challenge General Electric Co.'s highly profitable CNBC network as it seeks to redefine business news for average Americans faced with increasingly complex decisions about their financial futures.
Murdoch already has knocked CNN off the cable news throne with Fox News Channel. Can he do the same to NBC Universal's profit machine, whose audience of affluent professionals is one of the most sought-after advertising targets?
"CNBC has a monopoly on an in-demand demographic, but never underestimate Murdoch," said Porter
Bibb, a managing partner at Mediatech Capital Partners, a financier of media businesses. "Success might take a while, but this is the right thing for them to do."
Fox defines success—aside from ratings—as expanding the business news audience by "demystifying" the subject, according to Kevin Magee, the Fox News executive vice president in charge of the new business channel. There are plenty of people not watching business news because it's presented in an "off-putting" way, he said.
Magee would not disclose the programming schedule, citing competitive concerns. But FBN's flashy Web site promises the network will cut through jargon to speak to the average investor, echoing comments by Murdoch last month that his channel
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