Fox Business spoiling for piece of huge pie
Don Day July 25th, 2007
Of all the reasons for News Corp. to jump in to the business news fray, is it any wonder that the fact that there’s a killing to be made would be chief among them? TVWeek’s Michelle Greppi figures CNBC takes home $680 million between ad sales and subscriber fees - with Bloomberg News pulling down another $50-$100 million. Analysts think the forthcoming Fox Business Network will take some of CNBC’s take, but also increase the size of the pie.
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1. Steve Boriss | July 26th, 2007 at 8:16 am
And not just a piece of the pie, but a piece of a much bigger pie that he will help bake. Just as he always does, Murdoch will defy conventional wisdom. When he launched Fox News, he didn’t introduce a me-too competitor of CNN — he redefined cable news so that audiences now choose their channel by ideology. Similarly, when he launches the Fox business channel, he will not introduce a me-too version of lackluster CNBC, but will reinvent this genre. My hunch is that he wants to translate the successful formula used by the Wall Street Journal (WSJ), which provides complete, one-stop-shopping news (business and non-business) to an upscale audience that is attractive to advertisers. CNBC’s audience, like that of the WSJ, consists of achievers who live their lives in the private sector, and are not as obsessed with the day-to-day workings of the federal government as the mainstream media seems to think we all need to be. Just as the WSJ can serve as the only newspaper its readers read, the Fox business channel will be the only news channel its viewers need. (Steve Boriss, TheFutureOfNews.com)
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