Fox Business Network to launch Oct. 15

Rupert Murdoch is launching a new business network to rival CNBC and Bloomberg business channel. Murdoch is hoping the channel will reach a wider audience than CNBC and Bloomberg by eliminating the jargons that only wall street pros can understand, but what does that mean? I remember that CNN had a financial network called CNNfn which was eventually taken off the Air. Only time will tell if this new Business channel will be a success or failure, because not many people have an appetite for business news or investing seeing that many people don't understand business news or don't read business news.

Murdoch also believes that CNBC is negative towards companies, so it will be interesting to see how the new network will do its reporting. The announcement comes at the same time Murdoch is pursuing a $5 billion takeover of Wall Street Journal publisher Dow Jones & Co. The media mogul had hoped to use the paper’s brand to bolster the new network’s credibility, although that could be complicated by a content-sharing deal Dow Jones has with CNBC that runs through 2012.