by Paul Gibson
Home >> Global Business TV Network
The mastermind behind the new television network: Rupert Murdoch. The name may seem foreign to some, but if you do not know who Mr. Murdoch is, you will soon. Rupert Murdoch is what businesspeople call a “giant� when it comes to television producing. Murdoch has just finished up acquiring The Wall Street Journal, and plans to build off of the prestige of this American news periodical to launch a global business network, which would include such remote places as China.
Mr. Murdoch’s conglomerate is now worth over $75 billion and spans across the globe. The group includes Hollywood’s 20th Century Fox, Asian satellite service Star, and Europe’s television news channel Sky.
With the addition of the latest program, Happy Hour, Murdoch hopes to reach the average everyday investor on the street. They broadcast the financial news from the Bull and Bear bar restaurant located on Wall Street, the financial capital of the world.
For nearly a decade now, CNBC news has been the main source of breaking financial news. Recently, however, they have fallen in the ranks due to an advertising campaign by Fox News that challenged their rivals directly, comparing their mainstream approach to CNBC’s Wall Street. Rupert Murdoch plans to expand the diffusion of his empire by injecting at least $300 million during the next three years.
The new television network, entitled Fox Business will start off with an initial 30 million viewers – roughly a third of CNBC’s market share. The program will start out with live coverage from London in the so-called “Fox Business Morningâ€?, immediately followed by “Money for Breakfast.â€? Then the rest of the trading day will be covered by Fox Business Live, finishing up the day at Bull & Bear Bar and “Happy Hour.â€?
The unique approach involves a systematic linking of live financial news as it happens in every corner of the world. The question remains to be seen how this new television service will influence business, but the producers of the new “global business channel� hope to bring new investors around the world into remote areas of the globe that have previously been left for lost.
While Murdoch’s empire continues to expand, his latest plans even have the New York Post talking. However, the road is not all a bed of roses. CNBC still enjoys an exclusive content-sharing agreement with Dow Jones which lasts until 2012. Sources close to the situation are not sure how the saga will end up, but most likely the Wall Street Journal (also property of Murdoch) will reduce their presence on CNBC which will force them into a settlement with News Corp., the owner of Fox Business News.
Beginners
CNBC News is the most popular source of financial news.
The Fox television company is creating a new television network, called Fox Business.
They want it to become more popular than CNBC News.
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Posted on http://www.weeklyletter.com at 2007-10-23 10:00:00 +0200
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In situations like this, when a communication’s giant like the Murdoch’s empire is buying very representative newspapers with an international prestige, it’s very important to maintain the integrity of the information.
In Spain, my Country, is quite a similar situation with two, three holdings than involves different communication’s mediums like TV channels, newspapers, radio stations…
We need different mediums but with plural and rigurous opinions.
Best regards,
Javier
Excellent point Javier.
It is hard to believe that in such a country as Spain that there could be such disparity in the way news is reported. It seems like each one has their own agenda to promote, so they select specific news and sometimes leave out very important facts just to make their point of view look better. That’s why global television is a good idea, because it means that local television networks and newspapers need to tell the truth about the news stories, because they should know that other sources of international news could contradict what they report.
GREAT OBSERVATIONS!
Paul
This is where citizens’ journalism or vlogging will be important in the future.
With video on internet we can hear the news from the people who were there and not have to rely on vested interests to decide what is and what is not news.
Very interesting point Donal,
I think you have hit on one of the most important aspects of journalism – it’s subjective. Any citizen anywhere can tell their side of the story and pay attention to the details that “they deem” important. The difference between citizens and those individuals which invest their time, money and resources into putting out a product that is actually required by law to fulfill journalistic integrity is on television and in newspapers. Otherwise, they are subject to lawsuits. While vlogging and other types of technology may be interesting from an opinion exchange standpoint, as of yet there is no one legal jurisdiction which can regulate what is published. In a perfect world, vlogging would definitely be the most reliable news source. Unfortunately, there are many of us who need to rely on what is offered on television, which is quite subjective as well.
Another thought is that vlogging and other forms of technology which intend to offer fresh news sources, unfortunately lack the expert team to correct statements that are false or otherwise rumours. I guess, ethics in journalism will certainly become important as the truth about many seemingly innocent occurences, are actually deemed guilty or sinister and viceversa, of course.
Thanks again for your comment!
Paul