Fox Business (officially known as Fox Business Network, or FBN) is an American business news channel and website publication owned by the Fox News Media division of Fox Corporation. The channel broadcasts primarily from studios at 1211 Avenue of the Americas in Midtown Manhattan. Launched on October 15, 2007, the network features trading day coverage and a nightly lineup of opinion-based talk shows. Day-to-day operations are run by Kevin Magee, executive vice president of Fox News; Neil Cavuto is the vice president and managing editor for the network and business news operation overall. As of February 2015, Fox Business Network is available to approximately 74,224,000 pay television households (63.8% of households with television) in the United States. History News Corporation chairman Rupert Murdoch confirmed the launch at his keynote address at the 2007 McGraw-Hill Media Summit on February 8, 2007. Murdoch had publicly stated that if News Corporation's purchase of The Wall Street Journal went through and if it were legally possible, he would have rechristened the channel with a name that has "Journal" in it. However, on July 11, 2007, News Corporation announced that the new channel would be called Fox Business Network (FBN), a name chosen over Fox Business Channel due to the pre-existing (though seldom used) legal abbreviation of "FBC" for the co-owned broadcast network Fox Broadcasting Company. Before the network launched, few specific facts were made public as to the type of programming approach Fox Business would be taking. However, some details emerged as to how it would differentiate itself from its main competitor, CNBC. At a media summit hosted by BusinessWeek magazine, Rupert Murdoch was quoted as saying CNBC was too "negative towards business". They promised to make Fox Business more "business friendly". In addition, it was expected that Fox Business would not be "poaching" a lot of CNBC's on-air talent in the immediate future, as most key on-air personalities had been locked into a long-term contract. However, that still left open the possibility of the network taking some of CNBC's other staff, including editors, producers and other reporters. The channel launched on October 15, 2007. The network is placed on channel 43 in the New York City market in the basic-tier pay-TV package, which is home to the NYSE and NASDAQ stock exchanges. It is paired with sister network Fox News Channel, which moved to channel 44 (CNBC is carried on channel 15 on