FBN – or briefly the Fox Business Network – is an American subscription-based business news TV, owned & operated by the Fox News Group division of Fox Corporation. The network features financial and business news from across the U.S.
As of February 2015, FBN is available to more than 74 million pay-TV households (64% with television) in the United States.
How Fox Business Network got created?
Formerly the Chairman and CEO of Fox News “Roger Ailes” would never think of such huge reputation of Fox News Network that it earned toady as a business news channel. When first asked by Rupert Murdoch, Ailes voiced his doubts to the executive chairman of 21st Century Fox, saying, “The world doesn’t necessarily require another business network.”
Murdoch view – a patient, long term view – confirmed the launch of the network. He publicly stated at his keynote address in 2007 that “if News Corporation’s acquisition of The Wall Street Journal worked through and if it remained legally possible, he would rechristen the channel with a name “Journal” in it.
On July 2007, it was announced that the channel would be named as Fox Business Network (FBN). This name was chosen due to the pre-existing legal abbreviation of “FBC” for the co-owned television network “Fox Broadcasting Company”.
When was FBN first broadcasted?
FOX BUSINESS NETWORK FIRST HIT THE AIR ON OCTOBER 15, 2007, STARTING WITH THE MINDSET OF “DEMYSTIFYING” TELEVISED BUSINESS NEWS FOR STANDARD VIEWERS.
It was speculated that if the network eschewed business jargon, it would make financial reports easily understandable & digestible!
Liz Claman, a longtime anchor on FBN, said: “we didn’t assume that everyone is a chief financial officer, and know what fed funds futures”! This statement very much described the network’s approach towards easy-to-understand business news reporting.
How Fox Business Network become a reliable platform for markets’ news?
- Now in 2019 – almost a decade since its launch, Fox Business Network believes it is in perhaps in its best position yet! Despite sexual-harassment scandals, Fox Business Network’s Nielsen ratings have been skyrocketing over the past three years.
- For critics of the network, FBN’s success has little to do with an increasing interest in the way it covers the markets and more to do with its lineup of right-leaning programming and encirclement of President Donald Trump’s economic & cultural vision.
- The competitors privately acknowledge the network’s success in pursuing a higher viewing audience.
- Fox Business Network beat CNBC in total viewers for a week for the first time in September 2016. This was a milestone that network has repeated regularly for the past year.
- The network is commercially successful and has 17 times the number of advertisers it did when it launched a decade ago. It had won some key recent business news days, including on Snapchat IPO’s and when the Dow crossed recent occasions.
- What improvements FBN had made?
- Over the past many years, the network has more fully encircled opinion segments and political coverage.
- It shook up its upper hierarchy, promoting Tom Bowman and Gary Schreier to vice president of programming and senior vice president of programming. This was said that they both were stronger producers for politics and general topics than their predecessors.
- The network has become a pipeline to its parent station “Fox News,” hosts like Cavuto and Varney had a presence on both networks. Others such as Maria Bartiromo have weekend shows on Fox News, a type of dual citizenship that former network higher-ups were initially cautious about giving to many of their hosts.
- Earlier this year, The Daily Beast covered that the network used phrases like “left wing media” and “liberal media” more than Fox News during the same time duration.
- The network earned increased visibility during the presidential debates and a broader availability as well.
- Fox Business Network launched a decade ago in 30 million American homes; it now reaches 80 million!
What’s the theme of Fox Business Network?
Bowman – the former vice president of programming at FBN – said in an interview that “we were just covering the news and embracing things that people care about, and they care about their pockets”. He further told that “labeling us doing too much politics shall be very unfair. “A businessman in the White House concentrating on economic issues is a great story and a great storyline for business,” Bowman added.”
Schreier, the senior vice president at FBN, pointed out that the network continues to lift major business guests. He said that if our counterparts were critical of FBN’s editorial decisions to cover the Trump administration thoroughly, they were “really being critical of themselves being slower.”
Fox Business News, in the last quarter of 2017, averaged 187,000 total viewers for its business-day framework, which it measures between 9:30 am and 5 pm. CNBC at the same time averaged 152,000 total viewers, dropping 30% from the same quarter last year in advertisers’ favorite demographic of 25- to 54-years-old viewers.
In total day programming, CNBC continues to beat FBN among a younger audience, which matters more to advertisers.