Tag Archives: Fox Business Network

Fox Business

Fox Business Network not Ailes’ idea

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Alex Weprin of Capital New York reports on excerpts from Gabriel Sherman‘s biography of Fox News head Roger Ailes, including one about the founding of Fox Business Network in 2007.

Weprin writes:

Fox Business Network was not Ailes’ idea, and he was never fond of it, Sherman writes: “The Fox Business Network was also a ratings disappointment to some News Corp executives. Ailes had never wanted the channel in the first place. When Murdoch tapped Ailes to launch it in 2007, Ailes told the five executives hired to run the channel, ‘the world doesn’t need another business network.’ Because the boss had signaled his lack of enthusiasm, executives took concerted steps to undermine the spinoff’s success. ‘Welcome aboard. You’re set up for failure, Ailes’ loyalist Ken LaCorte told Ray Hennessey, the new director of business news, not long after he was hired. Neil Cavuto, who was named managing editor of the channel, followed Ailes’ lead. ‘Cavuto wasn’t involved,’ an executive said.

Read more here.

Roger Ailes

Roger Ailes and The Wall Street Journal

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Gabriel Sherman‘s biography of Fox News head Roger Ailes — who also oversees Fox Business Network — called “The Loudest Voice in the Room” will be released next week, and New York magazine runs an excerpt that includes details of what Ailes thought of The Wall Street Journal, also owned by News Corp.

Sherman writes:

The ratings failure of the Fox Business Network, which Murdoch had tapped Ailes to launch 2007, was all the more glaring given that Murdoch had acquired The Wall Street Journal around the same time. But Ailes spoke of the Journal as a threat. The paper had no synergy with Fox. Executives noticed that Ailes resented Murdoch’s lavish support of the Journal’s parent company, Dow Jones, and his close friendship with Robert Thomson, the former editor of The Times of London whom Murdoch tapped to be publisher of the Journal. As Les Hinton, then president of Dow Jones, accompanied Ailes on a tour of the Journal’s gleaming new newsroom a few floors above Fox News, Ailes grumbled, “So, you’re showing me what I paid for.”

In the fall of 2012, Ailes held a meeting with Fox Business executives to discuss whether Fox should sign a content arrangement with Dow Jones. That year, Dow Jones was exiting a long-term partnership with CNBC and was free to sign up with Fox. “Why would I pay them anything?” Ailes said, referring to the Journal. Fox anchor Neil Cavuto stoked Ailes’s fears of a corporate rivalry. “The Wall Street Journal is a Trojan horse. They want the business channel,” he told Ailes.

Then Ailes largely banned Journal reporters from his air. It happened after Ailes learned that Journal Deputy Managing Editor Alan Murray, who was steering the Journal’s expansion into video production, had made a snide comment about Fox. “Alan made the mistake of telling folks how he could make FBN better,” the executive said. A few months later, a junior Fox Business staffer mistakenly disclosed the ban to a Journal employee.

“We had to deny that there ever was a ban. It was so silly,” a Fox producer said.

Read more here.

Fox Business

The remaking of Fox Business Network

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Alex Weprin of Capital New York writes about how Roger Ailes wants to overhaul Fox Business Network in 2014 to make it more competitive with CNBC.

Weprin writes, “So far, only three FBN shows have any ratings traction, and two of them are anchored by men known more for their politics than than their business acumen. The simulcast of Don Imus’ radio show does well for the channel, and is routinely the top-rated show on FBN, while CNN outcast Lou Dobbs holds his own in the early evenings. Stuart Varney’s program also does well for FBN.

“But there is a network-wide perception problem. Imus sees fewer than half as many viewers as watched his morning simulcast back when it was on MSNBC, while Dobbs sees perhaps one fifth of the audience that watched him on CNN. Even if Kennedy’s panel show is a success it won’t move the needle on the perception that FBN is just more Fox News on a different channel.

“Then there will be the existing internal culture Ailes will have to dismantle and rebuild. While Imus, Dobbs and Varney are secure, sources tell Capital other FBN anchors, like Liz Claman and Melissa Francis, are angry about Bartiromo’s arrival, lest they get pushed to less prime periods, or off the anchor desk altogether.

“But Fox Business is finally widely distributed on cable and satellite providers, and became rated by Nielsen in 2011. It is also profitable thanks to expanded carriage agreements and improved ad sales, a point that 21st Century Fox emphasized on its yearly earnings call last month. It may not be as profitable as CNBC, which generates an estimated $800 million a year, according to SNL Kagan, but it isn’t losing money either.”

Read more here.

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Fox Business to debut new show next week

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Fox Business Network announced Tuesday that it will debut a new show called “The Independents” hosted by Lisa Kennedy Montgomery next week.

Deadline Hollywood reports “The program, which will appear Monday through Wednesday and Friday nights at 9 PM ET, will feature a roundtable discussion on the news of the day ‘with a special emphasis on the protection of economic and civil liberties.’

“Kennedy will be joined by co-hosts: Reason magazine’s Matt Welch and America’s Future Foundation’s Kmele Foster, as well as a rotating panel of experts. The new program replaces the rerun showing of The Willis Report (FBN’s Stossel, hosted by John Stossel, will continue to appear at 9 PM ET on Thursdays). With the addition of The Independents, FBN will now be live each weekday from 6 AM to 10 PM.

“Kennedy joined FBN as a contributor and special correspondent to Stossel in 2012. She is the author of two books: The Kennedy Chronicles: The Golden Age Of MTV Through Rose-Colored Glasses (She got her start in television as an MTV VJ in the early 90′s) and Hey Ladies! Tales And Tips For Curious Girls. She is also the host of Music In The Morning w/ Kennedy on 98.7FM Los Angeles Alternative radio and serves as a contributor to Reason.com.”

Read more here.

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Ratings sag for TV business news

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Keach Hagey and William Launder of The Wall Street Journal examine the declining ratings at business news networks CNBC, Fox Business Network and Bloomberg Television.

Hagey and Launder write, “Since 2008, average total daytime viewership has fallen more than 50%—to 169,000 from 348,000 —at CNBC, which commands three-quarters of the audience among business-news networks, according to Nielsen.

“Six-year-old Fox Business Network remains on a long-term growth trajectory, but its average total daytime audience has declined from last year—to 58,000 from 71,000—and has fallen short of some media buyers’ expectations.

“Bloomberg LP, meanwhile, is rethinking the business model of its TV channel, having failed to turn a profit or draw more than 10% of the audience for TV business news despite being on the air for nearly two decades, according to people familiar with the matter. Nielsen doesn’t release Bloomberg TV’s ratings.

“Most traditional TV networks have struggled to hold on to their audiences in recent years as competition intensifies, including online. But business television has faced the added challenge that individual investors are fleeing the stock market as an increasing amount of trading is done by institutional investors and algorithms, market experts say.”

Read more here.

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Wolff: Bartiromo departure much ado about nothing

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Michael Wolff writes Monday for The Guardian that Maria Bartiromo‘s departure from CNBC last week — she’s headed to a job at Fox Business Network — wasn’t as big of a deal as it would have been 20 years ago.

Wolff writes, “She was synonymous with business news at the moment when business news was growing ever more uncertain about itself. Her signature afternoon show didn’t have much more than an audience of 40,000 people, meaning CNBC was paying $1,000 a person. And she seemed like a voice and face from another time, when CEOs were gods, when froth felt like money, when business news was more like sports. True, CNBC wasn’t acting otherwise. It always felt like 1999 at CNBC. Still, even at tone deaf CNBC, Bartiromo seemed tonally off.

“Both CNBC and Bartiromo had been caught out in a mobile world. CNBC has always maintained a carefully created illusion of its own omnipresence and inescapable utility. Wherever Wall Street was gathered, in gyms, on trading floors, or in C-suite reception areas, there was CNBC offering real time narration. The fact that this was a tiny audience, almost impossible to measure, was trumped by the urgency of the information and the importance and wealth of those who urgently needed to know. It was this sense of connectedness at CNBC that helped kill business magazines.

“But where once this looked like information efficiency, a constant mainlining of data, this form was now preempted by alerts in your pocked, by a new habitual relationship. News as a whole has become a mobile phenomenon. Connection, urgency, utility have moved to mobile devices and applications, leaving CNBC and its brother news channels in the background, with no one listening. Illusion shattered.

“Indeed, television business news with its graphs and signage and hastily arrange interviews, has always looked more like it provided a lot more information than it actually did. The truly more efficient device in your pocket now unmasks this.”

Read more here.

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Why Bartiromo left CNBC for Fox Business

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Julia LaRoche and Henry Blodget of Business Insider write Friday about the real reasons why longtime CNBC anchor Maria Bartiromo decided to leave the business news channel for rival Fox Business Network.

LaRoche and Blodget write, “Yes, CNBC’s ratings have been low of late, but they’re still well above FOX Business Network’s ratings. CNBC still remains the No. 1 business news channel.

“According to a source familiar with Bartiromo’s thinking, her decision came down to three factors:

  • Money. FOX made a big offer. CNBC increased its own offer, but didn’t quite match FOX’s.
  • Visibility. FOX is going to give Bartiromo a live Sunday show on the FOX News Channel, which has a vastly larger audience than either business network. Bartiromo explored the possibility of hosting a similar show on NBC, but “Meet The Press” was taken and NBC wasn’t willing to create a similar slot for her.
  • The opportunity to, once again, help build something. FOX Business is no longer a startup network, but it has a long way to go before it challenges CNBC as the most popular business network.

“FOX’s overtures were also made more attractive and persuasive by the personal involvement of FOX boss Roger Ailes. Ailes persuaded Bartiromo that he would be personally committed to helping her further develop her career, support that Bartiromo did not feel she would have at CNBC and NBC.”

Read more here.
John Stossel

Fox Business seeks producer for Stossel

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Fox Business Network seeks a talented and experienced producer who is interested in both segment and long-form producing for its show featuring John Stossel.

Duties include but are not limited to:

  • Produce in-studio segments
  • Field produce segments for Stossel documentaries
  • Edit packages
  • Research and book guests
  • Write segments intros and teases
  • Pitch newsworthy Stossel-friendly ideas

Requirements:

  • Must have extensive experience in writing packets, segment intros and teases; in-depth research, producing graphics, and field producing
  • A successful candidate will be an aggressive, self-starter who can interact with high profile talent and all-level guests
  • Also required: great communication skills, creative and “out of the box” thinking, someone who can multi-task, has a terrific attitude, and works well with a team
  • Solid news judgment and understanding of current events, politics and economics
  • Proficiency using iNews, Ardome, and basic clipreel editing

To apply, go here.

Fox Business

Fox Business seeks booker for “Willis Report”

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Fox Business Network seeks a booker for The Willis Report.

Three-plus years television experience pitching, researching, booking guests and producing segments required.  Control room experience a plus.

Duties include but not limited to:  Pitching stories, producing segments, booking guests, writing packets, in-depth research, networking, and most importantly the ability to work under deadline pressure.

Candidates must show high-level knowledge of the financial markets and business news.

A successful candidate will be an aggressive, self-starter who can interact with high profile talent and guests.  Also required: great communication skills, creative and “out of the box” thinking, someone who can multi-task, has a terrific attitude, and works well with a team.

To apply, go here.

Bartiromo 20 years

Is Bartiromo worth it to Fox Business?

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Dana Blankenhorn of TheStreet.com writes that business news anchor Maria Bartiromo switching to Fox Business Network from CNBC is a lot of noise for a small amount of viewers.

Blankenhorn writes, “Yet it’s big news that, when her latest contract expires on Nov. 24, she’s off to Fox Business Network, which trails CNBC badly in the ratings, and Fox News, which doesn’t.

“The bigger story here might be just how small an audience we’re talking about. According to Nielsen CNBC has been averaging 135,000 viewers, Fox Business Network 46,000. On Nov. 12, TVBytheNumbers reported Fox Business‘ daytime audience ‘in the demo,’ people aged 25-54, was 10,000.  Out of 96 services available in the third quarter, Fox Business Network was 85th in the daytime, which is when it draws its biggest audience.

“If Bartiromo has just 45,000 fans who will follow her across to Fox Business Network, that doubles the network’s audience. Take those viewers away from CNBC and the two networks are tied. That’s what Fox is banking on.

“But is the prize worth it? Business news, unlike any other beat save perhaps technology, just doesn’t take to the small screen. Investors prefer words to pictures and numbers to words. And businessmen don’t have time to look at TVs during the day — they’re working.”

Read more here.