SKY News said yesterday that it would boost its Australian workforce by up to 30 staff - and open three new studios in Sydney and Melbourne - after formally announcing its move to set up Australia’s first 24-hour business channel from next year.

It is believed the new service, Sky News Business Channel — foreshadowed in The Australian yesterday — will be featured in the entry-level packages of Foxtel and Austar.

Announcement of the new channel follows a prolonged period of negotiation of commercial terms for the deal involving the three parties. The new channel will be produced in a studio at Foxtel’s North Ryde headquarters in Sydney, with additional studios in theSydney CBD and Melbourne.