FBN Breaks the Story of Peregrine@Weeden

In October of 2007, the Fox Business Network came on the air and made the case that there was a need for competition against Bloomberg and CNBC. They continued to make that case yesterday with breaking news that should have been seen on every financial network on cable.

On yesterday's Fox Business Network, the CEOs of Weeden & Co and Peregrine came on FOX Business Network to announce that they are merging to form Peregrine@Weeden, a fixed-income sales, trading, and research firm. Their goal is to become a company with the size and reach of a Goldman Sachs.

“I believe that an equity trading firm today must not only understand the dynamics of the credit markets, but must also offer trading and research services across the entire array of fixed-income products,” said Barry Small, CEO of Weeden & Co., L.P. “In today’s markets, debt becomes tomorrow’s equity through restructuring. It is imperative that a broker offer integrated equity and fixed income trading services to its institutional clients.”

The company's own press release noted: Peregrine@Weeden will be led by Peregrine CEO, Evan Wein and will have offices in Greenwich, CT and Summit, NJ. Peregrine’s leadership team has vast experience in building and managing premier fixed-income platforms at major buy and sell side firms. Peregrine’s Founding Partners are Rick Fuscone, Evan Wein, Martyn Ball, Fred Fiddle, Jin Ho, Fady Rizk, Ron Rosenberg and Michael Temple.

“"We are very excited about our affiliation with Weeden and their extraordinary professionals,' stated Mr. Wein. 'We are committed to providing clients with exceptional service across our respective fixed-income and equity product specialties, in an expanding and sustainable partnership.' The management teams of Weeden and Peregrine have noted that the compatibility and synergies of their alliance are especially critical in today’s volatile market environment."

In my opinion, this type of story is important on so many levels. In a time when so many companies are failing and taking TARP (Troubled Asset Relief Program) money, here comes a new and private company that does not have any government or taxpayer involvement. Furthermore, financial decision makers are going to want to know about a new firm such as this as competition or as a way of growing one's own income.

A year ago this should have popped up on CNBC's radar screen and Bloomberg's as well. This indicates a real hunger by the rising leader in the business news front. This isn't a surprise though, Fox parent company News Corp has put considerable resources into the business news arena, with one of its highlights being the purchase of the Wall Street Journal.

This move on the part of FBN only heightens the competition among business news outlets. The beneficiaries of this competition are individuals who are serious about their business news and information.

Kevin Price is Host of the Price of Business, the longest running show on AM 650 (M-F at 11 am) in Houston, Texas and on AOL Radio. Eric Bolling of Fox News and Fox Business says that Price’s Blog “is very influential and moves the blogosphere.” Steve Moore of the Wall Street Journal calls Price the “best business talk show host in the country.” Find out why and visit his blog at www.BizPlusBlog.com and his show site at www.PriceofBusiness.com. You can also find Price on Strategy Room at FoxNews.com.