Fox Business Channel Debuts Today

Look out CNBC, Fox Business Channel hits the airwaves today:

NEW YORK (AP) -- Rupert Murdoch has entered a dark horse in high-stakes races before, and won. On Monday, the News Corp. media titan trots out the Fox Business Network.

Two years in the making, the channel will challenge General Electric Co.'s highly profitable CNBC network as it seeks to redefine business news for average Americans faced with increasingly complex decisions about their financial futures.

Murdoch already has knocked CNN off the cable news throne with Fox News Channel. Can he do the same to NBC Universal's profit machine, whose audience of affluent professionals is one of the most sought-after advertising targets?

"CNBC has a monopoly on an in-demand demographic, but never underestimate Murdoch," said Porter Bibb, a managing partner at Mediatech Capital Partners, a financier of media businesses. "Success might take a while, but this is the right thing for them to do."

I'm guessing that it won't be that long and Fox Business Channel will be looking at CNBC in their rear view mirrors - just like what Fox News has done to all of CNN's shows.