Murdoch Investing Paltry $100 Million in Fox Business Channel 27833
Former Post-it and TV hopeful-cum-Fortune scribe Tim Arango is on the case of Rupert Murdoch's Fox Business Channel today. He's chock full of details – $100 million budget for launch; October debut; 300 new hires for the network – that will likely be shot down by News Corp. as inaccurate and premature.
There's much focus on the $100 million budget, however, deemed not-very-large by on-lookers. After all, News Corp. spent $400 million to launch FNC. And Conde Nast spent more than that just to launch a magazine.
And what's new on the Bid For Dow Jones front? Supposedly, if the deal goes through, the business channel could use the Wall Street Journal's name, but reporters couldn't appear on the channel until after 2012, when the arrangement with CNBC expires. And when we'll have concrete evidence whether the channel is a success or faces the fate of Trio.