I have been watching the growth of Fox Business Network (FBN) with fascination and the fact that it just re-signed a one-time CNBC on-air talent shows that FBN is the place to be for business broadcasting.
FBN just announced that Stuart Varney, anchor of Varney & Co., was signed to a multi-year deal this month showing that the veteran broadcaster is bullish on FBN.
In making the announcement, FBN chief Roger Ailes said, “Stuart’s astute business sense and respect within the financial community make him a premier anchor and an essential part of our team. We look forward to his continued success with FOX Business.”
Varney has been with FBN since 2007, but he was previously with CNBC and CNN having anchored business related shows on those two rival networks.
It seems that Varney made the right choice, too, as the six-year-old FBN continues to grow its presence in the business broadcasting sector.
The other business networks are having ratings troubles, to be sure. According to The Wall Street Journal, Bloomberg, for instance, hasn’t turned a profit or been able to garner more than 10% of the cable business news audience despite being on the air for two decades and is reconsidering its options of late. By some estimates, Bloomberg has lost over $100 million in the last few years.
FBN’s biggest rival, CNBC, is still the largest business network but has been steadily slipping while FBN has been growing. Worse for CNBC, its 2013 ratings saw a 20-year low.