MUMBAI: News Corp’s Fox Business Network (FBN) will launch on 15 October, 2007. The announcement was made by Fox News senior vice president and managing editor of business news Neil Cavuto.

FBN currently has 30 million subscribers under contract after securing distribution agreements with cable operators in markets in the US, including New York where it will be seen on expanded basic cable.

Headquartered in News Corporation’s street level studios in midtown Manhattan, FBN has also established bureaus in such key markets as Chicago, Los Angeles, San Francisco (Silicon Valley), Washington, D.C. and London.

Cavuto said, “I’m extremely excited to be part of such a dynamic venture and I look forward to building on the success of our existing top five business programs in cable news.”

Fox News executive vice president Kevin Magee will be responsible for the channel’s day to day operations, while Cavuto will direct content and business news coverage and serve in an on-air capacity. Cavuto will report to Magee and Fox News chairman and CEO and Fox Television Stations chairman Roger Ailes, who will oversee FBN.

Magee added, “We are excited to introduce the FOX Business Network into the financial news arena and look forward to growing our subscriber base to develop a competitive network in the coming years.”