Fox Corporation shares dropped on Monday after the media company announced its decision to part ways with star host Tucker Carlson, raising concerns about the future of Fox News and its prime-time lineup.
Carlson had been a top–rated host for the network, drawing an average of 334,000 viewers in the coveted 25– to 54–year–old demographic during the 8 p.m. slot for the week ended April 20, according to AdWeek. This represented a bigger audience than other Fox News hosts such as Sean Hannity or Laura Ingraham.
Despite the drop in shares, the financial impact on Fox may be minimal because advertisers typically book their slots in advance. Joseph Bonner, the senior securities analyst at Argus Research, told CBS MoneyWatch, “Intermediate to longer term, perhaps [there is] some financial impact depending on who takes Carlson‘s place and their success, or lack thereof.”
The decision for Carlson to leave the network came after Fox settled a $787.5 million defamation case with Dominion Voting Systems, which had sued the company over its coverage of the 2020 presidential election. Documents revealed scornful text messages from Carlson about former President Donald Trump, which may have played a role in his leaving the network, according to the Washington Post.
Some social media users decried Carlson‘s exit, with others urging viewers to contact their cable providers to complain. Eric Trump, the son of the former President, tweeted in response, “What is happening to Fox?”
First it was @LaraLeaTrump, then @dbongino now @TuckerCarlson… What is happening to Fox?
— Eric Trump (@EricTrump) April 24, 2023
The departure of Carlson means that Fox News is losing a top audience draw, coming several years after the network cut ties with Bill O‘Reilly, another one of its superstars. O‘Reilly left the network in 2017 after sexual harassment claims were filed against him, with Carlson taking his spot in the 8 p.m. hour. Carlson‘s ratings were far lower than O‘Reilly, who averaged 728,000 viewers in the first quarter of 2017, according to the Hollywood Reporter.
However, many Republicans believe Fox News and Carlson were unfairly attacked for their coverage of the 2020 election, as well as for Carlson‘s critical comments about the former President, but whatever the reason, the cost of it for Fox Corporation is astronomical.
BREAKING: Fox News Corp. has lost $930 MILLION in market value today since news of Tucker Carlson departing broke. https://t.co/ad24F64qa1
— TexasLindsay
(@TexasLindsay_) April 24, 2023
The post Fox News Already Hit With Financial Pain After They Fired Tucker appeared first on Steadfast Clash.
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