How Fox Biz Could Subvert 'WSJ'-CNBC Pact

This could be big, if it's not a bluff: Fox Business Network honcho Kevin Magee is saying he has figured out the way around CNBC's exclusivity agreement with The Wall Street Journal's writers and editors.

The Journal and Fox Business are sister units of News Corp., but preventing them from working hand-in-glove is the paper's partnership deal with CNBC, which runs through 2012.

Rupert Murdoch has previously hinted there might be loopholes to exploit, and yesterday, Magee, speaking at the Always On conference, revealed more (via Silicon Alley Insider). He said the exclusivity pact only applied to "regularly scheduled, branded segments." In other words, Journal reporters can spend as much time as they want on Fox Business to discuss non-business news or breaking stories. And given Fox Business's slow ratings start, it could sure use the boost in credibility and name-recognition that a steady rotation of Journalers could bring.

Does CNBC share Magee's interpretation of the agreement and its limitations? I'll let you know when I hear back from them.

UPDATE: A CNBC's spokesman offers only this statement: "CNBC has a 15-year agreement with Dow Jones to provide news content. It expires in 2012. We expect the relationship and quality of the relationship to continue through 2012."