First on TVNewser: Fox News is expected to announce this afternoon that CNN executive Joel Cheatwood has signed on as the Vice President of Development. Cheatwood will develop programming for FNC and the soon to be launched Fox Business Channel.

TV Week and The Hollywood Reporter confirmed Cheatwood’s departure from CNN about an hour ago.THR’s Paul Gough says “Cheatwood joined CNN in 2003 as a program development executive and had been an adviser to CNN president Jon Klein… Cheatwood was one of CNN’s main weapons in the battle against Fox News Channel.”