Here's the official announcement:

FOX Business Network will launch on October 15, 2007, announced Neil Cavuto, FOX News Senior Vice President and Managing Editor of Business News. FBN currently has 30 million subscribers under contract after securing distribution agreements with major cable operators in top markets around the country, including the world's financial capital -- New York -- where it will be seen on expanded basic cable.

Headquartered in News Corporation's street level studios in midtown Manhattan, FBN has also established bureaus in such key markets as Chicago, Los Angeles, San Francisco (Silicon Valley), Washington, D.C. and London.

In making the announcement, Cavuto said, "I'm extremely excited to be part of such a dynamic venture and I look forward to building on the success of our existing top five business programs in cable news."

FOX News Executive Vice President Kevin Magee will be responsible for the channel's day to day operations, while Cavuto will direct content and business news coverage and serve in an on-air capacity. Cavuto will report to Magee and Roger Ailes, Chairman & CEO, FOX News and Chairman of FOX Television Stations, who will oversee FBN.

Magee added, "We are excited to introduce the FOX Business Network into the financial news arena and look forward to growing our subscriber base to develop a competitive network in the coming years."

Owned by News Corp, FOX News, headed by Chairman and CEO, Roger Ailes, operates the FOX Business Network (FBN), FOX News Channel (FNC), FOX News Radio, FOXNews.com, while producing FOX News Sunday with Chris Wallace, The Radio Factor with Bill O'Reilly and FOX News Edge. FNC has been the number one cable news channel for over five years and is available in more than 90 million homes in the United States and 108 countries internationally.