Murdoch: How I Will Crush CNBC, FT, Reuters, and NYT


Reuters Ken Li describes News Corp’s (NWS) financial media world-domination plans:

The News Corp chairman and chief executive confirmed media reports that his media conglomerate intended to invest $150 million to $200 million over three years in FBN, including about $70 million in fiscal 2008. “I view FBN’s growth in terms of years, not months,” he told reporters following News Corp’s annual shareholders meeting. The 76-year-old mogul said he aimed to chip away at the competition — the market leader for cable business news is CNBC — while forging a broader audience beyond day traders and finance professionals. “We’d like to take some of their viewers,” he told reporters, referring to CNBC. “Our objective is to have more than half of it,” he said, referring to business news viewers…

Longer term, News Corp aims to launch local versions of Fox Business in other countries. It’s “somewhere down the road. We’ll come to that,” he said…

His recent $5 billion deal to buy The Wall Street Journal publisher Dow Jones & Co Inc (NYSE:DJNews) is expected to bolster News Corp’s coverage around the world and Murdoch repeated a commitment to invest in the newspaper and its Web properties.

“There’s a real hunger, not just in the United States, but across the globe for financial news with the huge worldwide expansion and globalization of business,” he said. “We are set to become the premier provider of the accurate and credible financial information they demand.” Murdoch said he expected to expand digital editions of the Wall Street Journal worldwide and launch new “vertical” sites around specific sectors of interest. He did not elaborate.