Fox Biz Network to launch Oct. 15

Fox Business Network will launch on Oct. 15, 2007, according to an announcement Wednesday by Neil Cavuto, Fox News senior vice president and managing editor of business news.

The network currently has 30 million subscribers under contract after securing distribution agreements with major cable operators in top markets around the country, including New York, where it will be seen on expanded basic cable.

Headquartered in News Corp.’s street level studios in midtown Manhattan, Fox Business News will also have bureaus in Chicago, Los Angeles, San Francisco (Silicon Valley), Washington, D.C., and London. Fox spokeswoman Irena Briganti told Talking Biz News that she didn’t have any information on new hires for the network in those locations.

It’s unclear whether Fox Business Network will have the resources of The Wall Street Journal staff at its disposal. News Corp. CEO Rupert Murdoch is negotiating to purchase Dow Jones & Co., the parent of The Journal, and part of those talks apparently are focused on getting The Journal out of its current deal to provide content with CNBC.

In making the announcement, Cavuto said, “I’m extremely excited to be part of such a dynamic venture and I look forward to building on the success of our existing top five business programs in cable news.”

Fox News Executive Vice President Kevin Magee will be responsible for the channel’s day to day operations, while Cavuto will direct content and business news coverage and serve in an on-air capacity. Cavuto will report to Magee and Roger Ailes, chairman and CEO of Fox News and chairman of Fox Television Stations.

Magee added, “We are excited to introduce the Fox Business Network into the financial news arena and look forward to growing our subscriber base to develop a competitive network in the coming years.”