After a long incubation, News Corp.’s Fox Business Network cable TV channel will launch Oct. 15, Variety reported, citing an announcement by Neil Cavuto, Fox News’s SVP and managing editor of FBN. Cavuto will manage FBN’s editorial content and appear as an on-air host. He reports to Fox News EVP Kevin Magee and chairman/CEO Roger Ailes.

While News Corp.’s $5 billion bid for Dow Jones is still pending, it’s clear that if the deal goes through, access to the Wall Street Journal and other DJ assets would give the new channel a significant boost.

The October launch gives FBN a tight timetable because of cable agreements it currently has in place. At its start, FBN will have distribution across 30 million subscribers, including carriage on Time Warner Cable’s expanded basic tier in New York City. FBN will have street-level studios at News Corp. headquarters in New York, and will open news bureaus in Chicago, Los Angeles, San Francisco, Washington, DC and London.

Rafat adds: We’re assuming it will launch the site a bit prior or along with the channel launch. FBN recently hired Ray Hennessey, most recently editor of SmartMoney.com, as managing editor and director of the website.

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