• by David Goetzl  @dgoetzl, December 1, 2008

News Corp.'s rapid pace of cable network launches is expected to slow, although a Spanish-language version of its National Geographic Channel and other spinoffs are "likely," according to an analyst's report.

A National Geographic en Espanol already exists abroad, so a domestic launch could be swift--especially with cable and satellite operators eager to offer more Spanish-language channels. The report from Credit Suisse's Spencer Wang, culled from meetings with News Corp. management, did not offer a timeline for a debut of a NGC Spanish channel. A network representative declined comment in an e-mail.

In the U.S., National Geographic Channel is majority-owned by News Corp. with the remaining third by the National Geographic Society. A similar structure presumably would exist for a Spanish version.

In addition to the suggestion that the NGC spinoff may be coming, the report said News Corp. management is pulling in the reins on new channel launches "due to capacity constraints and the current level of saturation."

The state of the economy might also apply--although the company's cable networks have been holding up well, the report said, with ad dollars up "in the teens." Recent News Corp. cable forays have included the 2007 launches of the Fox Business Network and Big Ten Network.

Other commentary on News Corp. cable properties in the report included:

* "Management does not appear concerned that a change in administration will affect Fox News' (conservative) positioning in the market, pointing to its success in establishing itself under the Clinton administration."

* The report reiterated bullishness previously expressed by CEO Rupert Murdoch about Fox Business Channel's prospects. In 40 million homes so far, programming investment is expected to increase once distribution jumps by another 10 million or more. "Ultimately, management is confident that (FBN) can exceed the $300 million to $400 million profit generated by CNBC," the report said.

* FX, with its popular original series, is being helped by a narrowing of the CPM gaps between broadcast and cable networks.