New York – News Corp. chairman and CEO Rupert Murdoch told an audience of investors Tuesday that the company’s Fox Business Network won’t compete directly against rival business news channel CNBC.
“We’re going to be very different to CNBC,” Murdoch said at the Goldman Sachs Communacopia conference Tuesday. “CNBC is a financial channel for Wall Street. We’re for Main Street. We’re looking for different things, different initiatives, a different look. You will see very exciting channel.”
Muroch said that FBN, which is scheduled to launch Oct. 15, is getting between 11 cents and 12 cents per month in carriage fees from cable and satellite operators.
He said that the tone of FBN and rival CNBC will be the biggest differentiator.
“If you wanted to get into it, they dwell too much on failure and scandal and politics. We want to focus on innovation, success, people who are making money.”
Murdoch reiterated his past comments that the current deal between the Wall Street Journal and CNBC will have little effect on FBN. Murdoch reached an agreement last month to acquire Dow Jones, parent of the Wall Street Journal. The Journal has an exclusive agreement with CNBC to provide its reporters to the business channel.
“In many, many ways, it only applies to business news,” Murdoch said. “There is no reason we can’t have Wall Street Journal [reporters for] political, national affairs, international affairs, lifestyle and travel.”
Later, after the conference, Murdoch said that News Corp. is not in negotiations with CNBC to buy out that contract, nor does it intend to enter negotiations.
But despite the synergies inherent in the Dow Jones deal and the success of the company over the years, News Corp. stock has not performed accordingly. Murdoch attributed that to himself – the “Murdoch discount” – but defended his track record.
“I am happy with my record of investment against anybody,” Murdoch said.
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