You just can’t make this stuff up. Rupert Murdoch and Roger Ailes are basing their new business news channel on the premise that the cheerleaders at CNBC aren’t friendly enough to corporations:
No one has ever accused CNBC, the cable TV home of Jim Cramer, Larry Kudlow and Maria Bartiromo, of being antibusiness. Until now.
Yesterday, Rupert Murdoch confirmed one of the worst kept secrets in the media industry, that the News Corporation will start a long-awaited business news channel in the fourth quarter of this year. In doing so, he also took a shot at CNBC, the leading television business news outlet, vowing that the new channel would be friendlier to corporations.
The new service, currently named Fox Business Channel, will be developed and overseen by Roger Ailes, the chairman and chief executive of Fox News, with Neil Cavuto, the managing editor for business news for Fox, anchoring and overseeing the channel’s content.
The announcement, which was not expected until next week, was made in part because Mr. Murdoch himself discussed the new channel during a conference call with analysts on Wednesday.
At a media conference in New York yesterday, Mr. Murdoch said the Fox Business Channel would be “more business friendly than CNBC,” which he said was quick to “leap on every scandal,” according to a report on his remarks by BusinessWeek.com, whose parent, McGraw-Hill, sponsored the conference.
In a separate interview, Mr. Ailes elaborated. “Many times I’ve seen things on CNBC where they are not as friendly to corporations and profits as they should be.”
He added: “We don’t get up every morning thinking business is bad.”
CNBC executives, on the other hand, get up every morning plotting Communist revolution.