Rupert Murdoch's News Corp launches new business news channel

Rupert Murdoch's News Corp launches new business news channel

A business news channel will be launched by Rupert Murdoch's News Corp. in Oct. 15, presenting a head-on challenge to General Electric Co.'s CNBC.

The Fox Business Network will be available to 30 million cable subscribers in several key markets, including New York, the company said.

Murdoch has said that the new network, which has been in the works for years and was expected to launch sometime in the fall, will be more "business-friendly" than rival CNBC.

The media mogul is pursuing a $5 billion (3.6 billion EUR) takeover bid of Wall Street Journal publisher Dow Jones & Co., and had hoped to use the paper's brand to bolster the new network's credibility.

Shares of News Corp. rose 11 cents to $23.16 in afternoon trading.