News Corp. Formally Announces Business Network

NEW YORK, February 8: News Corporation has confirmed its
long speculated plans for a business news network, with FOX Business Channel
slated to launch in 30 million homes in the fourth quarter of this year.

The network will be developed and overseen by FOX Television
Stations. Carriage deals are already in place with Time Warner, Comcast,
Charter and DIRECTV.

Rupert Murdoch, the chairman and chief executive of News
Corp., said in making the announcement: “We have long considered the business
television market to be underserved. Having built FOX News into a cable news
leader and a cultural phenomenon against all expectations, I’m confident that
Roger Ailes [the chairman and CEO of FOX News and chairman of FOX Television
Stations] and his team can do the same in business news. I look forward to
introducing new competition and a new voice to the business news arena.”

Neil Cavuto, FOX News’ SVP and managing editor of business
news, commented, “I’m thrilled to be part of another start-up operation and am
excited at the prospect of showcasing some of the best business programming in
television on a new platform.”

Under the leadership of Cavuto, FOX News’ business news unit
overtook CNN and CNBC to claim the top five shows in cable news. Cavuto's
signature business program, Your World,
has been number one in its timeslot for 60 consecutive months.

Kevin Magee, the EVP of FOX News, will be responsible for
day to day operations of the FOX Business Channel, while Cavuto will oversee
content and business news coverage. Alexis Glick will serve as a director of
business news, reporting to Cavuto, while also serving in an on-air capacity.