Fox Business Network snags Lou Dobbs

Joe Pompeo
·Media Reporter

Lou Dobbs, who left CNN one year ago this week, is returning to cable news as an anchor for the three-year-old Fox Business Network. Fox Business officials announced they had signed him to a multiyear deal Wednesday afternoon, following a report in the Los Angeles Times.

Dobbs will get his own show on Fox Business starting in the first quarter of 2011, while he continues to host his nationally syndicated radio show.

"Fox Business has always been about putting the smartest, most interesting people on television, and the addition of Lou Dobbs will serve to strengthen the best lineup in business news," said Kevin Magee, executive vice president for Fox Business, in a statement. "Teaming Lou with Managing Editor Neil Cavuto will make FBN a tough network to beat."

"I'm excited and feel privileged to join the great team that Rupert Murdoch, Roger Ailes and Neil Cavuto have created, and I can't wait to make whatever contribution I can to Fox Business," Dobbs added.

Dobbs left CNN amid conflicts with network brass nearly two years before his contract was set to expire in 2011 — and pocketed $8 million upon his departure. He had become a controversial and opinionated figure within a news organization that presents itself as the nonpartisan, middle-of-the-road alternative to the loud talking heads on Fox News Channel and MSNBC.

When Dobbs announced his CNN resignation on Nov. 11, 2009, he said, "I'm considering a number of options and directions." But his new gig should come as no surprise to those who recall the industry speculation that he would land at Fox Business.

Along with Bloomberg TV, Fox Business is seen as a second-tier player on the cable business beat to CNBC. Its audience, which is not fully rated by the Nielsen Co. because it generally clocks in below 100,000 viewers, pales in comparison to Fox News Channel's gargantuan reach. But with the hiring of Dobbs and other brand-name personalities, the network is clearly seeking to become more relevant.

A few weeks ago, Fox Business added Dennis Kneale, whose CNBC contract expired on Oct. 15, to its roster. The network also dipped into CNBC's talent pool last February when it hired scoopster Charlie Gasparino. Other high-profile talent includes Cavuto and Gerri Willis, formerly of CNN.

(Photo of Dobbs with Fox News host Bill O'Reilly: AP/Kathy Willens)