Fox has big plans for business news

Fox News is launching its new Fox Business Network, which premieres tomorrow. Fox News chief executive Roger Ailes spoke to Globe reporter Joanna Weiss about the launch and the competition from CNBC.

Q: For starters, I wanted to ask you . . .

A: . . . what am I going to do? . . . [CNBC is] in 90 [million homes], we're in 30. They had a 17-year head start, and on top of that they know when we're coming. It's like announcing what time you're going to hit the beach. This is their opportunity to put us away.

Q: Well, what do you think CNBC is going to do?

A: We're anticipating a major tsunami of programming. If they don't do that, they've really missed an opportunity. We're a little fledgling channel. Fox News Channel took a couple of years to catch up to CNN. A lot of it is blocking and tackling and presenting a good product and making your product more interesting than their product.

Q: Fox News Channel really distinguished itself in the marketplace with commentary. Can we assume the Fox Business Network will include opinions, too?

A: We had two types of shows. We had opinion shows and hard news. We have the same thing in business. Every cable network has that. The broadcast networks put their opinion in the news and try to pretend that it's not opinion. And some of the cable networks, such as MSNBC, have their opinion people actually anchor the news. We don't do that. We have the separation of church and state.

Q: How is the News Corp. purchase of Dow Jones going to affect the network?

A: We're in the process of sorting that out. The only actual Dow Jones show is on Fox already - the editorial board thing. [The Journal Editorial Report, featuring members of The Wall Street Journal editorial board.] [CNBC] kind of let that slip away from them. If I had Dow Jones and The Wall Street Journal for 17 years, I would have come up with something. If they don't, then I will just continue to view CNBC as the research and development department for Dow Jones. And some day, whatever they develop that's worth anything will end up over here.

Q: Since the sale was announced, a lot of Wall Street Journal reporters have left the paper. Do you think they're overreacting?

A: I don't know. I thought they were acting kind of silly. And you know, I think the ones who stay are going be the ones who get the biggest reward.

Q: Some might wonder if there's room in the marketplace for another business channel.

A: Well, CNBC makes money, and I ran it - I did the turnaround on CNBC 10 years ago, 12 years ago. Every poll that you would take about issues would suggest that the economy - and that could be translated into the economy or how much money the individual makes and housing prices and tax costs - is the number one issue. Most newscasts in broadcast journalism segregate business news as if it's not news. We think it is news. And we think there is an audience for that.

Q: One of the more notable guys on CNBC is "Mad Money" host Jim Cramer.

A: Jim has figured out a way to pop through in a format that is generally pretty boring and he's a showman. I've never had a conversation with him about coming here. At the moment it's not the direction we're going at launch, but I rule out nothing. Even his detractors will admit that he's a charming guy who knows an awful lot about stocks.

Q: He's an entertainer. And many say that Fox News Channel added some level of entertainment to cable news.

A: Well there's entertainment and there's entertainment. You had the Marx Brothers and you had Jack Benny and Bob Hope.

Q: So which kind of entertainment are you interested in?

A: Well I'm not going to commit one way or the other, but I think Jim wants a certain slapstick comedy. If we do start to fail, I'll start throwing pies.