Carey: National Sports Net Could Be 'Cornerstone' for Fox

But says channel will likely lose money initially as it 'ramps up' rates

By Mike Farrell, Multichannel News -- Broadcasting & Cable, 3/5/2013 1:30:35 PM

RELATED: Fox to Launch Cable Sports Network Aug. 17

The worst kept secret in television—News Corp.'s plans to launch a national rival to sports juggernaut ESPN—could be a "cornerstone" network for the media giant, generating billions of dollars of revenue in the next three-to-five years, News' chief operating officer Chase Carey said at the Deutsche Bank Media, Internet and Telecom conference in Palm Beach, Fla., on Tuesday.

The channel—tentatively titled Fox Sports 1—will likely lose money in its first years even as distributors pony up more money for the channels it is replacing, said News Corp. chief operating officer Chase Carey.

Fox Sports is expected to unveil Fox Sports 1 at an upfront presentation later on Tuesday, and Carey said that News Corp. will make a "manageable investment" in the channel.

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