Staff Reports
Fox Corporation’s stock took a nosedive on Monday, and it’s no surprise why. The network’s viewership numbers have plummeted since Tucker Carlson departed. Ah, Tucker Carlson, the conservative firebrand who made liberal heads explode on a nightly basis. Those were the golden days for Fox News. But ever since Mr. Carlson bid the network adieu, everything started going downhill faster than a bobsled in a blizzard.
The Post-Tucker Blues: Fox News Stock Downgraded as Viewership Nosedives 🤣🤣 https://t.co/q6eLbom7F1
— Patricia Dickson (@Patrici15767099) July 11, 2023
According to a report, Fox News’ primetime viewership share dropped from 52% in 2022 to a measly 38% in June 2023. The network’s grip on conservative news viewers also slipped from a commanding 94% to a somewhat less impressive 84%. Ouch! It seems that when Carlson said his goodbyes, so did a significant portion of Fox News’ loyal audience.
FOX NEWS STOCK DOWNGRADED: Wells Fargo analysts downgraded Fox Corporation stock, citing risks concerning news, earnings, and viewership. MORE: https://t.co/Q0NLTnTRCL pic.twitter.com/Tgr6rkFKsX
— NEWSMAX (@NEWSMAX) July 11, 2023
'Going to leave a mark': Fox Corporation suffers steep stock drop after Tucker Carlson's abrupt exit https://t.co/Xn4a5y4XcN
— #TuckFrump (@realTuckFrumper) April 24, 2023
Now, there are a few reasons behind this disaster. First, there’s the growing trend of cord-cutting. People are ditching cable and satellite subscriptions faster than Adam Schiff changes his story. Who needs overpriced television when you can have the joy of streaming options and paying a fraction of the price? It’s a no-brainer, really.
And let’s not forget about the so-called “structural decline” in cable news viewership. According to some analyst named Steven Cahall, Fox News is facing some serious challenges due to cord-cutting and changing demographics. He even downgraded Fox News’ value from six times EV/EBITDA to a measly five times. Sounds like sour grapes to me!
But let’s not ignore the elephant in the room (and by elephant, I mean Tucker Carlson’s departure). When Carlson left, so did a chunk of the network’s stock value. You see, class A shares for Fox Corporation slid over 4% in April right after Carlson announced he was moving on. Even some expert named Matthew Tuttle said that Carlson’s exit would “definitely leave a mark on Fox.” No kidding, Sherlock!
We can’t forget to mention that Carlson decided to take his talents to Twitter and start a new version of his program there. The nerve! And to add insult to injury, he even plans to host a GOP presidential forum, but who cares? Former President Trump won’t even be participating, so it’s bound to be a snooze fest anyway.
It’s clear as day that Fox News made a huge mistake by letting Carlson go. Now, they’re paying the price. The network hopes that their new lineup will help recover their lost viewership, but only time will tell. Can they ever reach the glory days when Carlson’s program reigned supreme? It’s doubtful. Fox News may have shown their hand, and the audience isn’t buying it.
