Prediction: New Fox channel will meet ALL news needs of the business-minded, not the business news needs of ALL 5/17/07Posted by Steve Boriss in Fox business channel, Murdoch, Wall Street Journal.
The conventional wisdom about Fox’s soon-to-be-launched business channel overlooks the fact that Fox Chairman Rupert Murdoch has thrived by defying conventional wisdom. When he launched Fox News, he didn’t introduce a me-too competitor of CNN — he redefined cable news so that audiences now choose their channel by ideology. Similarly, when he launches the Fox business channel, he will not introduce a me-too version of lackluster CNBC, but will reinvent this genre — first on cable, then moving it to its permanent home on the web. Given Murdoch’s recent bid for Dow Jones, my hunch is that he wants to translate the successful formula used by the Wall Street Journal (WSJ), which provides complete, one-stop-shopping news (business and non-business) to an upscale audience that is attractive to advertisers. One thing that makes this audience’s news interests different is that they are achievers who live their lives in the private sector, and are not as obsessed with the day-to-day workings of the federal government as the mainstream media seems to think we all need to be. Just as the WSJ can serve as the only newspaper its readers read, the Fox business channel will be the only news channel its viewers need. Their non-business news can be readily supplied by Fox News, Fox TV affiliates, and the rest of News Corporation’s news, sports, and entertainment empire. And THAT is the answer to this Fortune Magazine writer’s riddle on how Murdoch can launch this venture “on a shoestring.”