NEW YORK - News Corp's Fox Business Network said it has recruited rival network CNBC's former on-air editor Charles Gasparino to a multiyear deal, adding talent to the relatively young business news network.
Gasparino is best known for breaking numerous stories on major U.S. banking names like Merrill Lynch and Morgan Stanley, particularly during the peak of the financial crisis.
He will debut February 22, taking on the role of senior correspondent working on market updates and breaking news. He will also make occasional appearances on sister network Fox News, a Fox Business spokeswoman said on Tuesday.
"I've been following Charlie for years, he's a terrific business journalist and a great character, making for great TV," Kevin Magee, executive vice president for Fox Business, told Reuters.
In the last year or so, Gasparino developed a tense on-air relationship with some of his fellow CNBC presenters, including a famous meltdown with Dylan Ratigan, who left CNBC last year.
"He has the demeanor and attitude that will do better at Fox Business than he's been able to elsewhere," said Magee.
Gasparino's last day with CNBC was last Friday according to CNBC spokesman. "We thank Charles for all his quality contributions and wish him the best," said CNBC's Brian Steel.
Fox has been aiming to raise the profile and ratings of its two-year-old network by recruiting talent like radio host Don Imus for its morning show.
Veteran business journalist and news anchor Lou Dobbs was widely expected to surface at Fox after he quit CNN in November.
There were reports last year that he had met with Fox News chief Roger Ailes, but Dobbs has yet to be unveiled as a presenter on any Fox channel.
Since its launch in October 2007, Fox Business has struggled against CNBC's ratings dominance in U.S. business television.
Fox Business says it is available in just over 50 million U.S. homes, compared with the roughly 95 million homes that receive CNBC in North America.
CNBC, which launched 21 years ago, is part of General Electric Co's NBC Universal unit.
© 2015 Thomson/Reuters. All rights reserved.