DrudgeReport reports that News Corp.'s (NYSE: NWS) FoxNews will be launching Fox Business Network (FBN) on October 15, 2007.

Is this true? If so, what impact will it have on General Electric Co.'s (NYSE: GE) CNBC? I can see that CNBC is already calling itself America's Business Channel in anticipation of FBN's anticipated right-wing cheerleading bias.

I am looking forward to the competition. And as a guest of CNBC, I wonder whether it will open up new opportunities or whether FBN will want its own guests who are willing to follow the party line.

Update: MultiChannelNews provides the additional bit of detail that FBN will be headed by Neil Cavuto. Having been interviewed by him, I would not be surprised if FBN turned out to be a bit of a propaganda channel.

Peter Cohan is president of Peter S. Cohan & Associates, a management consulting and venture capital firm. He also teaches management at Babson College and edits The Cohan Letter. He owns General Electric stock, has consulted to News Corp.'s chairman, and has no financial interest in the other securities mentioned in this post.

News flash! Fox to launch business channel October 15 originally appeared on BloggingStocks on Wed, 11 Jul 2007 15:25:00 EST. Please see our terms for use of feeds.