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Fox Business Network Debuts

Aims to make biz news less 'Wall Street,' more 'Main Street'

By Colleen Barry,  Newser Staff

Posted Oct 15, 2007 3:57 AM CDT

(Newser) – Fox Business Network officially debuts this morning, launching a challenge to CNBC, the only other all-business network on the air. FBN officials say they're looking to make business news less "Wall Street" and more "Main Street," so they won't be aiming to take hard-core financial types directly from CNBC—at least for now.

CNBC makes a profit of about $60 million a year by drawing a small audience of wealthy professionals—a demographic advertisers are willing to pay top dollar to reach. If FBN pulls in more, but less affluent, viewers, it might not be as successful. In the short term, FBN is expected to lose $185 million over four years before turning a profit in 2011, a loss owner Rupert Murdoch is apparently prepared to eat.

Rupert Murdoch appears at the 20th Century FOX party following the Golden Globe Awards in Beverly Hills, Calif. in this Jan. 15, 2007 file photo. On Monday, Oct. 15, the News Corp. media titan starts the new Fox Business Network. (AP Photo/Gus Ruelas)
Rupert Murdoch appears at the 20th Century FOX party following the Golden Globe Awards in Beverly Hills, Calif. in this Jan. 15, 2007 file photo. On Monday, Oct. 15, the News Corp. media titan starts...   (Associated Press)
Fox business news anchor Neil Cavuto speaks during the taping of Your World With Neil Cavuto in New York, in this Aug. 7, 2002 file photo. Cavuto will be managing editor of business news for the new Fox Business Network, which starts up on Monday, Oct. 15, 2007, and will...
Fox business news anchor Neil Cavuto speaks during the taping of "Your World With Neil Cavuto" in New York, in this Aug. 7, 2002 file photo. Cavuto will be managing editor of business news for the new...   (Associated Press)
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Shepard Smith and Alexis Glick on the Fox Business Network and its potential partnership with the Wall Street Journal.   (johnnydollar01 (YouTube))

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