Fair & Balanced
Fox News (officially known as the Fox News Channel, commonly abbreviated to FNC) is an American basic cable and satellite television news channel owned by the Fox Entertainment Group, a subsidiary of 21st Century Fox. The channel broadcasts primarily from studios at 1211 Avenue of the Americas, New York City. Fox News is provided in 86 countries or overseas territories worldwide, with international broadcasts featuring Fox Extra segments during ad breaks.
The channel was created by Australian-American media mogul Rupert Murdoch, who hired former Republican Party media consultant and CNBC executive Roger Ailes as its founding CEO. It launched on October 7, 1996, to 17 million cable subscribers. Fox News grew during the late 1990s and 2000s to become a dominant cable news network in the United States. As of February 2015, approximately 94,700,000 US households (81.4% of cable, satellite & telco customers) receive the Fox News Channel. Murdoch is the current executive chairman and Suzanne Scott is the CEO.
Fox News Channel has been widely described as having biased reporting in favor of the Republican Party, Donald Trump and conservative causes. Fox News employees have responded that news reporting operates independently of its opinion and commentary programming, and have denied bias in news reporting.
In May 1985, Australian publisher Rupert Murdoch announced he and American industrialist and philanthropist Marvin Davis intended to develop "a network of independent stations as a fourth marketing force" to compete directly with CBS, NBC, and ABC through the purchase of six television stations owned by Metromedia. In July 1985, 20th Century Fox announced Murdoch had completed his purchase of 50 percent of Fox Filmed Entertainment, the parent company of 20th Century Fox Film Corporation. A year later, 20th Century Fox earned $5.6 million in its fiscal third period ended May 31, 1986, in contrast to a loss of $55.8 million in the third period of the previous year.
Prior to founding FNC, Murdoch had gained experience in the 24-hour news business when News Corporation's BSkyB subsidiary began Europe's first 24-hour news channel (Sky News) in the United Kingdom in 1989. With the success of his fourth network efforts in the United States, experience gained from Sky News and the turnaround of 20th Century Fox, Murdoch announced on January 31, 1996, that News Corp. would launch a 24-hour news channel on cable and satellite systems in the United States as part of a News Corp. "worldwide platform" for Fox programming: "The appetite for news – particularly news that explains to people how it affects them – is expanding enormously".