News Corp. will spend $200 million on launching Fox Business Network, said CEO Rupert Murdoch at its annual meeting, reports Bloomberg News.
The number is double the $100 million that had been previously stated by the company.
Leon Lazaroff wrote, “News Corp. plans to invest as much as $200 million in its Fox Business Network over the next three to four years, Chairman Rupert Murdoch said.
“About $70 million will be spent in this fiscal year, Murdoch said today at a press conference following News Corp.’s annual shareholders meeting in New York. The company’s fiscal year ends June 30.
“News Corp. started the Fox Business Network this month to challenge General Electric Co.’s CNBC, founded in 1989. Murdoch plans to use News Corp.’s planned $5.2 billion acquisition of Dow Jones & Co., publisher of Wall Street Journal, to bolster the new cable-television channel with content and attract advertisers.
“‘We have many challenges against an entrenched competitor,’ Murdoch said at the annual meeting. ‘I am confident that our new approach to business news will be successful.'”
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