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.[2] However, on July 11, 2007, News Corporation announced that the new channel would be called Fox Business Network (FBN),[3] 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.[4]