Rupert Murdoch "is nearing an agreement with Time Warner Inc.'s cable division to carry a Fox News business channel," the Wall Street Journal reports, "according to people familiar with the situation." "The channel is currently slated to launch in the first half of 2006, a person close to the channel says. Of course, talks with Time Warner could break down and the launch date could be pushed back again."

The story (subscription required) also says that Roger Ailes has "reluctantly agreed" to run the channel. He has been "reluctant to put his reputation on the line a second time," but he is "known for thinking like a political tactician, so his public diffidence about the new venture may well be an attempt to lower expectations."