News Corp.’s Fox News plans to launch a business news channel by the middle of next year, according to an analyst report on Tuesday that cited recent comments by the network’s chairman and chief executive, Roger Ailes, Reuters is reporting.
“Mr. Ailes noted an early-to-mid calendar 2007 target for the launch of a Fox Business Channel,” UBS analyst Aryeh Bourkoff said in a note to clients after meeting with Ailes.
“Ailes sees opportunity for a competitor to CNBC,” Bourkoff wrote, noting that Ailes was president of CNBC, the General Electric Co.-controlled incumbent business news channel, in the 1990s.
Bourkoff was not immediately reachable for further comment.
Reports in the past month had the channel launching by the end of June, but Ailes quickly downplayed that timetable.
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I'm not so sure how much cable biz news Americans are willing to take. The market already seems saturated with CNBC and Bloomberg. FOX will likely cut into everyone's pie.