Back in the fall, I wrote about News Corp.'s (NYSE:NWS) desire to compete with General Electric's (NYSE:GE) CNBC by creating a new business information cable channel, most likely using the Fox brand. I thought it would be a good move. Now comes word from Reuters that Roger Ailes, the CEO of Fox News, might not be so jazzed about the idea.

Come on, guys, what's with the indecision? Why ya flippin' and floppin'?

In the Reuters article, Ailes is quoted as questioning the feasibility of a new dedicated business channel: "The question is, does an audience for business news really exist? Have they gone on the Internet?" Buddy, believe me -- there's an audience for business news. Consider a more specific way of thinking about it: There are always people out there who want to make money by investing in stocks.

I think News Corp.'s cable portfolio would benefit tremendously from pursuing the stock zeitgeist that is growing every day. Yes, I do sometimes overestimate people's interest in making money off the markets (read here to see what I mean), but no one is ever going to convince me that the distribution of information on the equities universe holds no increasing value over time. It just doesn't compute. Let's face the facts: The ownership society will become more expansive, especially if President Bush succeeds in establishing a system of private Social Security accounts. Ailes isn't being judiciously forward-thinking; the time to capitalize is now, and if CNBC is having its problems, then Fox should be thinking about a new presentation for the genre.

Take a look at Jim Cramer's new show, Mad Money. Whether you think the guy is a messiah of the marketplace or an annoying, caterwauling maniac, you've got to admit that he passionately believes people want this information -- and it's obvious he's aware that the key lies in the delivery system. His particular delivery involves high-decibel screaming about P/Es, supply/demand, and buy/sell/hold. People love raw, kinetic bombast, something Cramer embraces -- he isn't worried about whether there are investors in Peoria and whether investors in general should be second-guessed. He goes with his gut, improvises on the spot, and makes it work. Ailes should think about Fox News financial pundits seen on Saturday mornings as potential drivers of programming vehicles. Many of them might bring viewers to the table, since they don't deliver the stereotypical drab commentary that a lot of people associate with the subject.

Granted, statistical surveys and demographical data might tell you that a new business channel would be a difficult initiative to undertake. Plus, Time Warner (NYSE:TWX) failed recently with its CNNfn initiative, finding itself unable to capitalize on the inherent value in market news. I'd argue, however, that Fox is most definitely not CNN, and that it possesses the ability to go for a more engaging style. (Just think "Fox News Channel.") The whole story cannot be written on data and past failures alone. There's an X factor at play, an elusive one, something that will refute all the numbers and justify an investment in a business broadcast. Ailes has to figure out what spark will catalyze some compelling content. It's never easy to do, but that doesn't mean that it shouldn't be done.

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Fool contributor Steven Mallas owns shares of General Electric. The Motley Fool has a disclosure policy.