Categories: OLD Media Moves

News Corp. to spend $200 million on Fox Business Network

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 statedÂ 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.'”

Read more here.Â

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.