New Business Channel

[Chinatown]

CHICAGO (MarketWatch) - Media conglomerate News Corp. on Thursday said it will launch its long-awaited business cable television network in the fourth quarter, challenging General Electric's CNBC. The company said Roger Ailes, chairman and chief executive of Fox News and chairman of News Corp.'s
television stations, will develop and oversee the new venture, which is currently named Fox Business Channel.

"We have long considered the business television market to be underserved. Having built Fox News into a cable news leader and a cultural phenomenon against all expectations, I'm confident that Roger Ailes and his team can do the same in business news," Rupert Murdoch, News Corp.'s chairman, said in a statement.
Neil Cavuto, long a major presence on Fox News with his own business program, "Your World," said he's "thrilled" to be part of the new operation.
Backed by the clout of News Corp., which owns the Fox broadcast network, regional Fox Sports channels and numerous other assets, Fox Business Channel has deals with many of the major cable and satellite operators around the U.S., including Comcast.