NEW YORK – News Corporation said yesterday it will launch FOX Business Channel in the fourth quarter of 2007.
Roger Ailes, chairman and CEO, FOX News and Chairman, FOX Television Stations will develop and oversee the new venture.
In order to gain carriage in Canada, the new channel will have to be sponsored by a Canadian broadcast distribution undertaking in an application to the CRTC for addition to the eligible satellite list. (A bigger question would be that with ROBTv, CNBC and Bloomberg already serving the business news market here, how many will want to pay for it?)
Stateside, however, thanks to its pure clout in the market, Fox Business Channel already has 30 million subscribers under contract after securing distribution agreements with multiple cable operators, including: Time Warner; 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 U.S. And, in New York, it will be on basic cable.
Plus, Fox News, with a popular mix of commentators and strong points of view, has already proven it knows what wins the ratings with American consumers, so look for the channel to be a success. "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," says the company.
“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," said News Corp. chairman Rupert Murdoch.
