Ending months of speculation, News Corp announced Thursday that it plans to launch Fox Business Channel before the end of the year. Roger Ailes, chairman and CEO of Fox News, will oversee the new channel while Neil Cavuto will oversee content as managing editor. Reacting to the announcement, Susan Nathan, a senior exec at the Universal McCann ad agency in New York, told Bloomberg News: "My gut says, 'What, are they kidding? ... But people didn't think there was a need for a new 24-hour news channel, and Fox has competed and succeeded." At a media conference in New York, News Corp Chairman Rupert Murdoch remarked, "We think there's a great opportunity there. ... We want to be a little more business-friendly than CNBC." The Business Week website quoted Ailes as saying, "Many time I've seen things on [rival business channel] CNBC where they are not as friendly to corporations and profits as they should be."