Marketwatch media columnist Jon Friedman writes Wednesday that the News Corp. $5 billion offer for Dow Jones & Co. is a marketing coup for its upcoming Fox Business Channel cable station because it creates awareness about business journalism. News Corp. would like to use editorial content from Dow Jones properties such as The Wall Street Journal on its new business channel.
Friedman wrote, “Sure, the future of Dow Jones is the story today. Still, I’m intrigued by what a company like Dow Jones could mean to Fox’s business channel.
“The venture is a big risk. CNBC is a powerhouse and it serves a loyal audience. Does America actually need another business network? Fox will try hard to prove it does.
“TV shows and networks ultimately succeed because they can create a buzz. If Fox’s promotional maestros managed to make ‘American Idol’ a pop-culture touchstone, don’t you think they could add some appeal to their business-news network too?
“News Corp. loves — and needs — good press. It helps them chip away at CNBC, Fox’s newest rival. Fox executives have snickered for years that CNBC is vulnerable because it’s too staid, too dull, too rooted to withstand a charge by Fox.”
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