Fox Business Channel Television Network

Rupert Murdoch has proved naysayers wrong more than once -- and could be in a position to do so again. The News Corp. chairman on Thursday announced the long-awaited launch of a business channel that will compete with CNBC for the small but lucrative audience interested in financial news. The Fox Business Channel, in the works for at least two years, will be overseen by Roger Ailes, the hard-charging Fox executive who helped shape CNBC more than a decade ago.

Rupert Murdoch's long-anticipated Fox Business Network will be open for business Oct. 15. In announcing the launch date Wednesday, parent News Corp. said its rival to General Electric Co.'s CNBC had distribution deals in place with leading U.S. cable operators that would make the channel available to 30 million subscribers. Headquartered in New York, the network has set up news bureaus in Los Angeles, San Francisco, Chicago, Washington and London.