The Fox Business Network launched Monday, a new cable channel that will focus on financial markets and global economy news. A business journalism expert examines the prospects for the new network and how it will stack up to rival CNBC.
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This is the newest arrival in the Fox family. Today, Fox Business Network, or FBN, was born at 5:00 a.m. Eastern time.
DAVID ASMAN, Fox Business Network Host:
Well, the first of the baby boomers signed up for Social Security benefits.
The News Corporation offspring will air seven days a week, 24 hours a day. News Corp’s owner, Rupert Murdoch, and Fox News CEO Roger Ailes have been working on this project for two years and invested $100 million in it.
FBN has lined up major cable and satellite operators in top markets around the country to reach a potential 30 million people so far. The network is based in New York and has bureaus in Chicago, Los Angeles, San Francisco, Washington and London.
In addition to the new FBN, Fox News operates Fox News Radio, FoxNews.com, and Fox News Channel, number one in cable news ratings for over five years.
FBN now goes up against cable business news leader CNBC, part of the NBC family, which has the capability of reaching 90 million homes in the U.S. and has broadcast news and talk shows around the clock since 1989.
Bloomberg Television, the other dedicated business news channel, is known for its popularity with Wall Street professionals.
The Dow right now down 115 points…
CNN also continues to present business shows focused on the markets and personal finance, but CNN’s experience also shows that the business of business news isn’t foolproof. CNNfn, the network’s attempt to create a separate business news channel, folded in 2004 after nine years due to low ratings.
Officials at the new Fox Business Network say they want to appeal to the average American, affected by business news but not necessarily tuned into it.