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In 1996 Rupert Murdoch had an idea: He was going to launch a TV news network to take on CNN. Five years after it went on the air, Fox News was regularly beating CNN in the Nielsen ratings. And still does.
In 2007, when Murdoch decided to create a TV business network to take on CNBC, few thought that lightning could strike twice. The field was getting increasingly crowded. Digitally distributed content was the future. Besides, who needs another business TV channel?
Murdoch spent millions to build Fox