Jonathan Berr writes on BloggingStocks.com that the Fox Business Network launch will have to swim upstream against a tough advertising market.
“Spending fell 0.3% to $72.59 billion in the first half of the year, according to TNS Media Intelligence. Cable TV spending rose 2.8%, while broadcast TV spending and spot TV spending dropped 3.6% and 5.4% respectively. Spending by financial services firms, a key advertiser for the business media, rose 3.5% to $4.49 billion. But given the turmoil on Wall Street because of the subprime mortgage meltdown, a cutback in advertising by these firms seems pretty likely.
“The bigger, established news outlets will do just fine since they get their fair share of advertising from non-financial companies. But newer outlets like Fox Business and Portfolio.com have a tougher slog ahead because they lack a long track record with advertisers. These challenges, though, don’t seem to be dissuading Slate.com from launching a new business site.”
Read more here.
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