Rupert Murdoch’s News Corp. will finally get down to business in mid-October.
Multichannel News learned that Fox News Channel is expected to announce Wednesday that it will bow its long-anticipated business-channel spinoff Oct. 15. Operating under the Fox Business Network banner, the service will take aim at NBC Universal’s CNBC and Bloomberg TV in the financial-news sector.
Fox Business Network -- led by Roger Ailes, chairman and CEO of Fox News and chairman of Fox Television Stations, and Fox News senior vice president and managing editor of business news Neil Cavuto, who will oversee content and business coverage at the new service -- will come out of the gate with some 30 million subscribers. The network reached carriage contracts with such distributors as Comcast, Time Warner Cable, DirecTV and Charter Communications.
Through those contracts, Fox Business Network will have a presence in many major markets around the country, including New York, where it will be available on expanded basic via Time Warner.
Under Cavuto, Fox News claims the top five most-watched business shows on cable, including Bulls & Bears, Forbes on Fox and Cavuto on Business.
The move comes as Murdoch continues his pursuit of Dow Jones and The Wall Street Journal, which has a contract to place its reporters and editors on CNBC’s air through 2012.