Ex-CNBC correspondent: Fox Biz throws in the towel

Mike Hegedus, a former CNBC correspondent, writes on The Huffington Post that the decision by Fox Business Network to simulcast radio DJ Don Imus in the morning is a sign that they’re giving up on competing.

Hegedus writes, “It’s less a sign of genius to hire Imus than it is a sign that the towel has been thrown in on the Fox Business News channel. For whichever of a number of reasons you can choose: lack of distribution, changing economics, size of the market, lack of first mover advantage — whatever — starting the darn thing to begin with was no ‘genius’ move.

“There has always been speculation that the only reason it was conceived and executed in the first place was that Ailes had a burr under his saddle for CNBC.

“It’s his claim that he started it, CNBC, and that it wouldn’t be where it is today without him. In other words, he was the ‘genius’ behind it. The truth of the matter of course is that even if he deserves credit for starting it, he wasn’t around to push it to the successful heights (for cable) that is has reached.

“No matter, he was going to show them gosh darn it!

“And FBN is what we got. It will not be surprising to see it eventually disappear and give way to some mutation — a little Imus, a little buisness, a little politics, a little news. It won’t be the first time Ailes’ boss Rupert Murdoch throws in the towel either — just how many news magazine shows did he try and start?”

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