Fox Corporation recently experienced a loss of $1 billion in market capitalization just minutes after news broke that Tucker Carlson had departed Fox News. The 5% drop in Fox’s share price demonstrates the huge impact Carlson had on Fox’s ratings, as his show “Tucker Carlson Tonight” was the highest-rated program in cable news in the younger 25-54 demo, averaging 3.2 million viewers, 443,000 in the demo and 299,000 in the 18-49 category.
The surprise departure of Carlson, who was Fox News’s most recognizable anchor, comes just weeks after Fox News settled a defamation suit with Dominion Voting Systems for more than $787 million, and the non-renewal of popular figure Dan Bongino’s contract with Fox. The reason for Carlson’s departure has yet to be disclosed, and he has yet to release a statement.
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
While the immediate impact of Carlson’s departure has been felt in the market, it remains to be seen what the long-term effects will be. As Carlson was a major draw for Fox, it is likely that the network will experience a decline in ratings without him. Moreover, Fox News may now have to work to find a suitable replacement for Carlson and prove to audiences that the network is still a reliable source of news and information.
The potential damage to Fox’s reputation also remains to be seen. Fox News’s settlement with Dominion Voting Systems was seen by some as an admission of guilt, and Carlson’s departure may reignite questions about the validity of Fox’s news reporting. It is also possible that Fox’s reputation will be damaged further if the reason for Carlson’s departure is revealed to be something other than a mutual agreement.
Domestic Policy Advisor Susan Rice fired by Biden regime
Don Lemon fired by CNN
Tucker Carlson out at Fox just days after Dominion settlement
Dan Bongino out at Fox
Lara Trump out at Fox
Sure seems like there are big things going on behind the scenes
— DC_Draino (@DC_Draino) April 24, 2023
Overall, the departure of Tucker Carlson from Fox News, and the subsequent loss of $1 billion in market capitalization, have shaken the media industry and caused uncertainty for Fox’s future. While the immediate effects of Carlson’s departure have been felt in the market, it remains to be seen what the long-term effects will be.
