Posted on 05/01/2007 2:19:46 PM PDT by abb
BOSTON, May 1 (Reuters) - Rupert Murdoch's estimated $5 billion bid for Dow Jones & Co. Inc. , which comes as the Australian media mogul is gearing up to launch a new cable business news channel, could pose a new threat to General Electric Co.'s CNBC business channel, industry analysts said.
News Corp. on Tuesday offered $60 a share for Dow Jones, publisher of the Wall Street Journal, driving its shares up 55 percent, to $56.20 on the New York Stock Exchange.
"It certainly is going to be extraordinarily competitive, and I would guess that people at CNBC, and NBC generally, will have to look very, very hard at how they are going to meet the competition," said Mike Ludlum, associate professor of journalism at New York University.
"Murdoch has been thinking about this for a long time, this has been something that has been juggling around in his mind. Now he says, 'OK, let's go,' and he can reach into his back pocket and pull out his wallet," Ludlum said. "And I suspect that Rupert Murdoch, with his background, is going to throw a lot of other resources into it."
Murdoch's Fox Business Channel would be a third competitor in a space that has been split by just two players, CNBC and Bloomberg Television, since 2004, when Time Warner Inc. shut its CNNfn business news channel.
Bloomberg is privately held.
"To cut it up any more looks to me like it's going to be quite a contest," Ludlum said.
Dow Jones provides news to CNBC under a contract due to expire in 2012. A CNBC spokesman declined to comment on what any changes to that contract would mean for the channel.
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(Excerpt) Read more at yahoo.reuters.com ...
Yes, I saw that. The old Commie Bernie Sanders was all but foaming at the mouth, wasn’t he?
LOL yeah, beautiful. Larry is positioning himself IMHO.
Are you old enough to remember when Kudlow had a show on CNBC on Saturday mornings? Early ‘90’s IIRC. Back when Roger Ailes ran CNBC.
I have been watching cnbcBS for 12 years and have wished for this to happen since day 1. The incredibly ridiculous liberal bias towards business news stories is mind boggling. EVERY day i wake up with a pervading sense of disgust and annoyance when I have to listen to this crap. Rick Santelli is the only reason I ever have it on, he keeps me up to date with whats happening in the bond markets.
This is how itrrelevent CNBC reporting is. one day, crude with be down 50 cents and CNBC reporters will report, “Market rallies as fallling crude prices to boost consumer spending”
the next day crude will be down $1.50 and CNBC will report, “Market declines as crude oil prices lead energy shares lower.”
This just make up reasons for the market doing whatever it does.
CNBC = Continuously Negative Business Channel
I’m old enough but back then I was working my a$$ off & too busy to watch it. But I’m sure I would have been cheering.
I’ll have to get up extra early in the morning and see what all stories will be online. The Drive-By’s keyboards are smoking even now. They’re all on double doses of Zanak right about now.
Wow!! Larry’s my hero, how ‘bout you?
I’ve followed him for many years. I’m not sure I would follow all his recommendations, but he does have deep faith in the US economic system. As do I.
Here’s to you bro!!!
This is not “could be threat to CNBC”, this is a death knell of CNBC, which is the only solidly profitable NBC subsidiary, and that’s why all the stories about GE trying to unload entire NBC division.
Yes, Neil runs FNCBusines.
I assume that FNCB staffing is most important issue and that at least several people from CNBC will go FNC. I don’t expect or would like Maria Bartiromo to be a member of that group, but there are at least several qualified people who should be happy to jump and noticeably chafed under CNBC liberal regime.
I also hope that Ruper fixes some issues with WSJ, including ridiculous protection issues with online sign-in (which I explained and complained about numerous times for several years now to their technical support, some of whom actually understood what the problems are), and that he decides not to increase online subscription cost. Also, content of WSJ itself could be more balanced - it was recognized as the most liberal in the national print media, ahead of LATimes and NYTimes.
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