Murdoch: Fox Business Network Will Focus on Consumer News

NEW YORK, September 19:
News Corporation’s chairman and CEO, Rupert Murdoch, has said that Fox Business
Network, which is scheduled to launch next month, will focus on consumer news
more than rival CNBC.

Murdoch unveiled some
plans for Fox Business Network at an investor conference sponsored by Goldman
Sachs. “CNBC is a financial channel for Wall Street,” said Murdoch, as reported
by the Associated Press. “We're for Main Street. They dwell too much on
failures or scandals. We want to put a lot on innovations and successes, people
who are making money.”

Fox Business Network is
scheduled to debut on October 15 in about 34 million homes in the U.S. Murdoch
says the service will benefit from the news gathering abilities of The Wall
Street Journal publisher Dow Jones
& Co, which News Corp. agreed last month to buy for $5.6 billion. The deal
is expected to close in a few months.

An arrangement that Dow
Jones has with CNBC only covers business-related news, Murdoch explained,
allowing the new Fox channel to use Journal coverage of other areas such as Washington and
lifestyle topics. CNBC's deal with Dow Jones runs through 2012.