News Corp. today announced Oct. 15 as the launch date for FOX Business Network — a channel that company chairman Rupert Murdoch has said will be rebranded to reflect The Wall Street Journal if he succeeds, as is looking likely, in acquiring Dow Jones.
FBN has signed contracts for 30 million subscribers, according to the press release, "securing distribution agreements with major cable operators in top markets" including expanded basic cable carriage on Time Warner Cable in New York in addition to distribution deals with Comcast, Charter Communications and DirecTV.
Time Warner Cable’s deal, announced Jan. 3rd, was based on a rate card of 10 to 15 cents per subscriber, according to a Financial Times report.
The channel will be based at Fox HQ in New York, with staffers in Chicago, Los Angeles, San Francisco (covering the tech industry in Silicon Valley), Washington, D.C. and London.
Neil Cavuto, Fox News SVP and managing editor of business news stated, “I’m extremely excited to be part of such a dynamic venture and I look forward to building on the success of our existing top five business programs in cable news.”
As previously announced, Fox News EVP Kevin Magee will be responsible for FBN’s day-to-day operations, while Cavuto will direct content and coverage in addition to appearing on-air. Cavuto will report to Magee while Roger Ailes, Fox News chairman and CEO and chairman of Fox Television Stations, will oversee FBN.
Magee commented, “We are excited to introduce the FOX Business Network into the financial news arena and look forward to growing our subscriber base to develop a competitive network in the coming years.”