The Associated Press reports that News Corp.'s (NYSE: NWS) Fox News Network plans to launch Fox Business Network (FBN) to compete with General Electric's (NYSE: GE) NBC Universal's CNBC on October 15. Will the two really compete? CNBC targets upscale investors while FBN says it's targeting Main Street.

One interesting detail in this article is that Dow Jones & Company's (NYSE: DJ) arrangement with CNBC -- giving it exclusive access to the Wall Street Journal until 2012 -- only covers business-related news. This allows FBN to use Journal coverage of other areas such as Washington and lifestyle topics.

I think CNBC will feel threatened by FBN and continue to respond by offering conservative-leaning and big-business-boosterish coverage. Meanwhile FBN will use its well-practiced brand of Amen Chorus stories that both demonize the enemy -- in this case CNBC -- while appearing to support the voiceless, powerless little guy. If I ran CNBC, I would focus primarily on giving my core audience more of what it wants and not try to imitate FBN through patriotic-sounding stories.

Advertisers will pay a premium to access CNBC's upscale viewers and GE cannot afford to lose those dollars.

Peter Cohan is president of Peter S. Cohan & Associates,. He also teaches management at Babson College and edits The Cohan Letter. He owns GE stock, has consulted to News Corp.'s CEO, has appeared as a guest on CNBC and Forbes on Fox, and has no financial interest in Dow Jones.