Murdoch: Fox Business Makes Cost Of Dow Jones Is "An Easy Justification"

By brian on Jun 28, 2007 02:49 PM

Time's story, titled "Rupert Murdoch Speaks," is a must-read. Here's the excerpt about Fox Biz:

Others may look at Dow Jones and see an excellent, world-renowned (though economically stagnant) print newspaper with a successful subscription-only website; Murdoch sees the engine of a global, interactive, multiplatform business-and-finance network that will drive his soon-to-be-launched Fox Business Channel, power up his 24-hour Sky News channel in Europe and fuel a still inchoate collection of online financial services.

"We've got to lift our game tremendously," he says. "We'll sell our business news and information in print, we'll sell it to anyone who's got a cable system, and we'll sell it on the Web." Says News Corp. president Peter Chernin: "There are millions of people throughout the world joining the financial class, and the Journal is the premier financial brand. We have the size and international strength to monetize it globally." The Fox Business Channel, which will compete with CNBC, makes spending $5 billion for the Journal "an easy justification," Murdoch says. "It almost ensures the price is worth paying."

Murdoch: Fox Business Makes Cost Of Dow Jones Is "An Easy Justification"

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