Media magnate Rupert Murdoch is planning to rival US cable channel CNBC by launching his own business news operation. The chairman/ceo of News Corporation told Newsweek magazine the new venture will air before the end of 2006.
"We're in pretty intense discussions with the biggest cable companies, and making quite considerable progress. You can expect something fairly soon," Murdoch promised.
He also revealed that the NewsCorp-controlled US satellite-TV service DirecTV will soon offer subscribers broadband internet access, a development that will, with other online investments, bring in "a conservative $1 billion (€835m; £570m)" in revenue by 2010.
The interview also touched on the trend for media empires to split into smaller entities. Murdoch views the current attempts by shareholder activist Carl Icahn to break up Time Warner [WAMN: 05-Dec-05] as unwise and asserts that the company is "very well run".
He adds: "Icahn has gone out on a limb. Even if he succeeds in getting it broken - and that would be very sad - I don't think he'd make money out of it."
Data sourced from newsday.com; additional content by WARC staff