NEW YORK Fox News on Wednesday said that its spin-off financial news channel, Fox Business Network, would launch on Oct. 15, to a potential audience of 30 million U.S. households.
Primed as a direct competitor to CNBC and Bloomberg TV, FBN has cut distribution deals with Comcast, Time Warner Cable, Charter Communications and DirecTV, giving it a foothold in the world's financial center and a host of other major DMAs.
In New York, the network will be offered as part of Time Warner's expanded basic package.
In a statement, Fox News svp and managing editor of business news Neil Cavuto said, "I'm extremely excited to be part of such a dynamic venture and I look forward to building on the success of our existing top-five business programs in cable news."
New York-based FBN also has established news bureaus in other key financial markets, including: Chicago; Los Angeles; Palo Alto, Calif.; Washington, D.C.; and London.
As reported earlier, Fox News evp Kevin Magee will oversee all day-to-day operations at the start-up, while Cavuto will direct content and business news coverage, while serving in an on-air capacity.
Cavuto reports to Magee and Roger Ailes, chairman and CEO, Fox News and chairman of Fox Television Stations.
Fox parent News Corp. remains in late-stage negotiations to acquire Wall Street Journal parent Dow Jones for $5 billion. That deal, observers have said, would strengthen the company's overall standing as a source for business news as it launches FBN.