Like business news on television but don't like CNBC's association with the left-dominated NBC News? Then the newly launched Fox Business Network is probably for you:
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? [...]Story Continues Below Ad ↓Although CNBC says it's not worried - "The question isn't whether we're ready for them, but whether they're ready for CNBC," said network president Mark Hoffman - it has already made changes that some see as a reaction to Fox. CNBC has added a business newsmagazine, retooled its pre-market show "Squawk Box" and added the personal investing program "Fast Money." Personal finance guru Suze Orman has been hired for a weekend show.
Bloomberg TV, the only other dedicated business network, also has recently spruced up its shows, putting more anchors on TV and less scrolling data.
The tactic of selling business news to the consumer has failed before - CNNfn folded two years ago. Roush said CNN didn't invest enough time or money in the channel, a mistake Murdoch is not likely to repeat.
Magee wouldn't disclose any cost figures or a timeline for reaching profitability at FBN. SNLKagan media analyst Derek Baine estimates FBN will lose about $185 million over four years before posting a profit in 2011. But Murdoch has shown he is willing to spend heavily over long periods to get what he wants.
Murdoch recently surprised the newspaper world with a rich, unsolicited bid for Dow Jones & Co., netting him the crown jewel of business news publications, The Wall Street Journal. He was derided 11 years ago when he started Fox News Channel, but it charged past industry leader CNN in six years and hasn't been caught since. Fox News averages 1.5 million viewers a day, while CNN draws 758,000 - virtually the same number as when it had the field to itself.
Read the whole thing. This article is very lengthy and worth it. CNBC has a lot to fear.
Here's the FBN web site.
—Matthew Sheffield is Editor of NewsBusters.
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That giant sucking sound...
October 15, 2007 - 13:06 ET by mbs6...is the water emptying out of the tub as CNBC circles the drain.
Mall G*rls
October 15, 2007 - 13:11 ET byOh boy...look at Fox go after the heterosexual, white male audience with 2 pretty , "mall g*rls" on the screen. Consumer capitalism stops at nothing...
the bitter libs chime in -
October 15, 2007 - 13:32 ET by TruthMongerthe bitter libs chime in - hee-hee-hee
but me likey - lovely ladies
i predict another Murdoch triumph
A service of the new NB respect police
Get clued in
October 15, 2007 - 13:35 ET by Lame CherryIn case you haven't notice the rate me sites mcstewey, there is a growing segment of bi sexual and lesbians with power and money. It is a cheap shot at white people (gee are you racist in stating blacks do not like looking at white women?) to think Mr. Murdoch has not figured this out.
If you want ugly frumpers hating they are people in both male and female you have the Oprah crowd liberals already dwindling in failure watching Couric and Kaye. Murdoch is appealing to a wide sector.....and for you not understanding that point is why you are not head of a billion dollar company and appearing like you hate white people and are jealous of Rupert Murdoch.
Beat Mr. Murdoch and then come back and try and take cheap shots at him as your point is invalid.
*HIC IACET ARTORIVS REX QVONDAM REXQVE FVTVRVS
Lame, Ignore stewey, he
October 15, 2007 - 14:13 ET by Sick-n-TiredLame,
Ignore stewey, he has been drive by blogging all day on each node.
Bitter Leftists
October 15, 2007 - 14:34 ET by UnsaneLeftists like yourself are reflexively allergic to human nature.
Over a century ago, when Woolworth was starting up his "Five and Dime" stores, he had a standing order. Put the prettiest girls behind the counters. Gee, I wonder why he did that?
Let me guess...you prefer television broadcasts like Время...
Res tantum valet quantum vendi potest.
Mcstupid
October 15, 2007 - 15:33 ET by Six String SpiffI suppose capitalism is 'bad' to you? Shut yer yap. You libs are ALWAYS calling conservatives 'tigh wads' and the like. What you fail to understand is your own mantra. SEX SELLS!
I hate business news, but these two babes MIGHT get me into it.
The American Revolution Continued
Mall girls..they have my
October 15, 2007 - 15:38 ET by bassndudeMall girls..they have my attention....:-)
Save a SeAL, club a liberal!!
Looks like mcstewey got
October 15, 2007 - 15:49 ET by bigtimerLooks like mcstewey got bumped....
Gosh... I hardly knew the critterin' troll...lol.
Sex, Money, Information and Power
October 15, 2007 - 13:30 ET by Lame CherryMr. Murdoch learned long ago that pretty things on Page 3 makes for a nice package when people are looking for information to empower them to make a living.
I see by the above that Mr. Murdoch has made a pretty package wrapped with brains and then providing information. That draws in viewers as feminists are phobic about women, but Conservative business people both male and female like looking at pretty gals who are smiling and not snarling.
The main question is this:
Would you rather watch that ranting nut on MSNBC or the 2 babes above?
CNN pansies up the news with growling good looking chics and it sort of works as long as they don't speak.........FOX Business will get it right and destroy the competition as Rupert will be selling Page 3 sex in a business suit to provide cover of, "No honey I never saw the cheerleaders at the game as I was watching the game."
*HIC IACET ARTORIVS REX QVONDAM REXQVE FVTVRVS
"The question isn't whether
October 15, 2007 - 13:32 ET by Chris Norman"The question isn't whether we're ready for them, but whether they're ready for CNBC,"
In other words, CNBC is worried...
CNBC better be worried.
October 15, 2007 - 13:33 ET by NewsbusterbrownCNBC better be worried. Their days at the top are numbered.
I used to watch CNBC quite
October 15, 2007 - 13:36 ET by Chris NormanI used to watch CNBC quite a bit. But now, their early evening and primetime schedule (and I use that term loosely) is a train wreck. I mean, come on, Donny Deutsch, Deal or No Deal, and the schedule change du jour...
On CNBC and disappointments
October 15, 2007 - 14:00 ET by UnsaneThe most mind-blowing thing about CNBC, IMHO, is the countless missed opportunities that have occurred with them. I have always thought that one thing they could do was to offer a series of programs, both in the evening and on weekends, that focus on various segments of the stock market and other markets. For instance, since they have CNBC Asia, why not put together a 30-60 minute program that focuses on Asian business for those investors that have investments there either through stocks or mutual funds? Speaking of mutual funds, considering their popularity, why not a program or two that look at mutual funds and the corporations that provide them more closely?
Instead, as you wisely point out, once the NYSE closing bell rings, the CNBC schedule begins a rapid descent into hell.
If the Fox Busness Channel can do this - and why not, every time a Fox enterprise has opened up, innovation is their trademark (remember Fox Sports putting the game score on a “bug” on the corner of the screen back in 1992, something everyone does now?) - I say that they will go places, and CNBC will truly be running scared.
Plus, it doesn’t hurt that they brought aboard Alexis Glick (heard her on a radio advertisement earlier today). Maybe they at some point can make a run at Maria Bartiromo...:-)
Res tantum valet quantum vendi potest.
Like other NBC-owned cable
October 15, 2007 - 15:21 ET by Chris NormanLike other NBC-owned cable stations, CNBC has become a dumping ground for their reruns.
Where?
October 15, 2007 - 13:33 ET by pocomocoApparently, FBN is not for everyone. In going to the channel that carries it here locally, it informed me that I have to subscribe to it.
Is Murdoch that hard up for cash since he puchased the WSJ???
No, it's your local cable
October 15, 2007 - 13:37 ET by Chris NormanNo, it's your local cable company that is.
DISH NETWORK...
October 15, 2007 - 14:34 ET by danybhoyI'm more then a litte upset that Dish Network does not have FoxBuisinessNetwork in the lineup. I you have Dish, you know FoxNews is on 205. 206 is open, it used to carry CCNfn, so in my mind, it would make sence to throw it in at 206 in their channel lineup.
If ANYONE at Echostar/Dish Network are looking at this, GET FOX BUISINESS IN YOUR LINEUP. No sence in not having the soon to be #1 buisiness channel on your service.
"Some of us are wise, some of us are otherwise" Mark Levin
Not even hot chicks can
October 15, 2007 - 14:44 ET by balboaNot even hot chicks can make me interested in business news.
Business news
October 15, 2007 - 23:53 ET by UnsaneThat's a pity to hear. Hot chicks or none, from an early age I have found many good reasons to watch business news. One reason is that with business news you can keep your ear to the floor and hear about new products and services that may be offered by various companies. Another is that you can monitor all sorts of trends in many areas, as many of them are driven by consumers, and businesses try to chase them.
And it doesn't hurt that I play the market. Back in my 20s I used to watch Squawk Box every morning before going to work, as I was starting up my ongoing investment program.
Res tantum valet quantum vendi potest.
CNBC has got Suze Orman for
October 15, 2007 - 14:59 ET by bigtimerCNBC has got Suze Orman for the week-end slot...that ought to stop FBN right there dontcha' know!
Really I checked it out for a few minutes this morning after I found it....hopefully it won't be all doom and gloom every single day, you know when the numbers are good, the outlook is good, you don't rewrite the real facts to suit your agenda soooo it looks soooo bad economically and is reported that way to the viewers/papers ect.
Just the real facts will be nice.
Ready for a cool change....lol
there's no real business news on tv
October 15, 2007 - 16:03 ET by johnGit doesn't matter who puts it tv, if you're really in finance i doubt you get your information from tv. if anyone makes investment decisions based on the fluff pieces from CNBC, Cavuto, or CNN you're in trouble. unless you're trading on market noise these types of business media are for fools, go to bloomberg/morningstar/factset/baseline/barra to get information, not the tv.
Snobbery?
October 15, 2007 - 23:58 ET by UnsaneIf what you say is true, then why is CNBC found in the offices of many financial institutions, the way news channels like CNN and Fox are found in the buildings of military installations all over the world?
Sounds like a bit of snobbery.
You cannot make investment decisions (good ones, anyway) from any one source alone. Period. It is helpful to have a CNBC or a Fox Business Channel to complement other sources of information, like various mags and papers.
Res tantum valet quantum vendi potest.
in the lobby...
October 16, 2007 - 09:37 ET by johnGyes they have it on in the lobby for the clients to see. go find the offices of the research analysts, they don't have cnbc on. they have quant models, research reports, and portfolio optimization software. what some pretty woman or finely groomed man reads off a prompter isn't relevant.
cnbc and fox business can be successful, but its not a influential source of financial news...it's more for entertainment value.
MORE snobbery
October 18, 2007 - 05:51 ET by Unsanego find the offices of the research analysts, they don't have cnbc on Reports in such publications as The Economist that I have come across contradict you.
Also note that the same publication reports that though (don't have the exact numbers in front of me) CNBC gets something like 250,000 viewers or so a day, their average net worth is insane...something like $2.7 million.
People with that much cash to burn, many of whom invest that money, using a business news channel as a (and I stress, A) source of information can't be all wrong.
Again, your ranting sounds like 100% pure snobbery.
Res tantum valet quantum vendi potest.
it's not snobbery, i'm not
October 18, 2007 - 08:57 ET by johnGit's not snobbery, i'm not rich, i'm barely invested in the markets, but this is what i do, i am an equities/fixed income research analyst.
most people with 2.7 M don't invest their own money, they pay an investment management firm(like my employer) to do it for them. those people do have what we call "play funds" in which they trade usually large or mid cap stocks for fun and maybe they use CNBC for that minute percentage of their portfolio. But for real wealth growth and protection someone with a net worth of 2.7 M is going to a professional, and the analysts of goldman, merrill, morgan and lehman aren't huddle around a tv.
side note, the economist is a great magazine.
Ugh
October 18, 2007 - 19:17 ET by Unsanemost people with 2.7 M don't invest their own money, they pay an investment management firm(like my employer) to do it for them. I haven't read it in quite some time, but books like The Millionaire Next Door and The Millionaire Mind pour some cold water on this. True, some will pay others to invest for them (and really, most like myself do via things like mutual funds), BUT there are quite a few out there who make the investment decisions on their own.
Again, for the sake of getting good intelligence from multiple sources, to dismiss CNBC out of hand is a poor thing to do. Especially in the case of investments. One of my better investment decisions came with the aid of CNBC, as I monitored events in a segment of the market that I thought would be a great place to invest. That investment thus far has been a spectacular success, due to my own knowledge and information from various sources to include CNBC.
Since you are that dismissive (for whatever reason) of a source of information that may be of benefit to you, remind me to NOT call upon your services as an analyst.
Res tantum valet quantum vendi potest.
copy, paste, then bold
October 19, 2007 - 12:32 ET by johnGfirst off, i'm dismissive because i don't think the quality of information is very good. and the reasoning is that i've watched those shows and find them to have regurgitated analysis or far-reaching speculation.
second, clearly we have different views of cnbc, cavuto, and business news on tv. i was simply trying to give my perspective and opinion on the quality of information on these channels/shows. my view is different, i do this for a living, and i was trying to tell you how we in the investment management business make decisions. personally i believe there is very little on those channels that gives in depth, meaningful analysis of the markets. i prefer other more raw sources of information, i guess you think that's snobbery. best of luck with the markets...