Turner Broadcasting Plans All-Business News Channel

Turner Broadcasting System Inc. said its board has approved a plan to start an all-business news channel in January.

The channel, to be named CNN Financial Network, will be carried as part of CNN International in the United States from 7 a.m. to 7 p.m. weekdays. CNN International reaches 3.2 million U.S. households and is available in more than 156 million households overseas.

CNN Financial Network will compete with NBC’s CNBC; Dow Jones & Co., which operates two overseas business channels and syndicates TV programming in the United States, and Bloomberg LP, which airs a satellite business channel and produces programming for public television.

The new channel will draw on the resources of CNN, which has 30 bureaus around the world.

NBC President Robert Wright quickly issued a statement saying NBC will consider adding a business news service through its own cable networks.

“The statement that Turner is launching a daytime business news service might be an indication that operators are interested in additional news and information services,” he said. “If cable operators do have that interest and capacity, we would welcome the opportunity to provide an additional news and information service.”

Speculation that Atlanta-based TBS would create the network had already prompted CNBC President Roger Ailes to say Thursday from CNBC’s Ft. Lee, N.J., headquarters that his network would consider striking back with a 24-hour all-news service to do battle with CNN.

Last January, an NBC executive said the network was exploring the launch of a channel that would compete with CNN.

General Electric Co.’s NBC owns SuperChannel in Europe, which airs general news and entertainment programming and plans to launch both a business and a general news channel in Asia.

Lou Dobbs, who anchors “Moneyline” and other shows and is a senior CNN executive, will manage the new Turner channel.

Atlanta-based Turner will spend about $10 million to launch the channel, Turner executives said.

Earlier this week, Turner Chairman Ted Turner told analysts that the company expects to lose no more than $3 million or $4 million on start-up costs for the network in 1996.

Separately, Turner directors also discussed a proposal to bid for King World Productions Inc., whose cash could be used to help buy CBS Inc. or buy back Time Warner Inc.’s stake, according to three executives familiar with the plan. No announcement was made on whether the company will proceed with the $1.9-billion acquisition proposal.