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After breaking news reports and market updates for CNBC for the past four years, veteran financial reporter Charlie Gasparino left the network to join its fledgling rival, Fox Business Network last Tuesday, February 16, 2010.

“We are tremendously excited to have Charlie join the Fox Business family,” said network executive Kevin Magee. “His breaking news reports during the most recent economic crisis have proved invaluable and we look forward to adding his in-depth reporting to the network.”

Gasparino has been the on-air editor for CNBC for four years. He made a name for himself as being somewhat combative on-air, and his reporting has been cited to have an impact on Wall Street. Financial Times described Gasparino as a “pugnacious pundit Wall Street can't ignore” and when most trading floors have CNBC on mute, “they listen when Charlie comes on… He does move stock prices.”

The acquisition was reported to be an attempt to improve the network’s standing, which made its debut in 2007 but has remained feeble since. Washington Post described the move as “ripping the lungs out of the competition for Fox Business Network”.

Gasparino is the second CNBC reporter to sign with Fox Business Network. Anchor woman Liz Claman was acquired by Roger Ailes' satellite TV channel last 2007.

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