2nd Place is no better than 3rd Place: CNBC v. Fox Business Channel
The title of this document was recited in the movie Barbarians at the Gate by the character playing Henry Kravis.
No one thought it would be easy to overthrow CNBC as the prime business channel when News Corp (Symbol: NWS) decided to create a 24hr. business network. However, the Fox Business channel does not seem to be scratching the surface either.
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Recent news reports state that the network is considering hiring Don Imus in order to boost ratings. Imus is not known as a Business personality. The move, if true, feels more like desperation instead of an innovative business decision.
Nielsen Media Research reported that CNBC receives more than 11 times the number of viewers than the Fox Business Channel. That is a big gap in viewership. The SPEC’s predict that News Corp will pull the plug on this channel in the 1st quarter of 2010. News Corp. is currently experiencing heavy losses and desperate to cut its liabilities. This is probably the reason they are attempting to sell the Dow Jones Stock Index.
We believe that the Fox Business Channel will meet with the same fate as the former CNNfn network.
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