Rupert Murdoch confirms the suspicions of many that Fox’s upcoming business channel will be an even less critical booster of the uber-rich Wall Street set with an unskeptical view of business that ends up leading to Enron, Worldcom, etc.
“It’s going to be different from CNBC, just as Fox News is different from CNN,” Murdoch told Wall Streeters at a Goldman Sachs-sponsored conference. “CNBC is a financial channel for Wall Street; we’re for Main Street.”
CNBC has had little competition, short of Bloomberg TV, since CNN shuttered CNNfn in late 2004. Fox Business Network is set to launch in 34 million homes Oct. 15, when it will begin to compete with the NBC Universal-owned network.
“They dwell too much on failures and scandals and politics,” he said. “We want to spend a lot of time on innovation, successes and people who are making money.”
Like Fox Noise, it won’t be anything resembling journalism.
So it will be just like the business coverage on Fox now - useless.
Business news isn’t supposed to be cheerleading. That’s the job of stock-pumpers on Yahoo message boards. Business news is supposed to cut through the B.S., not spread it around and tell everyone how great it smells.