Fox Stock Dropped $1 Billion Minutes After Tucker Carlson Departure
The world of cable news was rocked on Monday when Fox News Channel announced the departure of its primetime star, Tucker Carlson. The news sent shockwaves through the industry, with Fox Corporation’s stock plummeting by a staggering $1 billion in just minutes. The corporation, which also owns a number of other sports and entertainment television networks, saw its shares dip by more than 5.4%, making it one of the S&P 500’s worst performers on the day. However, by the time the closing bell rang, the stock had only fallen by just under 3%.
The departure of Carlson, who hosted the highest-rated program in cable news in the younger 25-54 demo, is sure to leave a mark on Fox. In the first quarter of 2023, “Tucker Carlson Tonight” averaged 3.2 million viewers, 443,000 in the demo, and 299,000 in the 18-49 category. Other Fox News Channel shows ranking in the top five programs in cable news include “The Five,” “Jesse Watters Primetime,” “Hannity,” and “Special Report with Bret Baier.”
Investors, including Tuttle Capital Management CEO and CIO Matthew Tuttle, are already looking for new opportunities in the wake of Carlson’s departure. Tuttle and others have purchased shares of Rumble, the Peter Thiel-backed conservative video network, and Digital World Acquisition Corp., the special-purpose acquisition company merging with Trump Media. Both stocks erased declines, with Rumble stock rallying as much as 3.9%, while Digital World gained 2.2%.
Carlson’s exit comes just a week after syndicated talk radio host and former Secret Service agent Dan Bongino announced his departure from Fox News, citing a breakdown in contract negotiations. The news also follows Fox settling a bombshell defamation suit stemming from the 2020 election by paying Dominion Voting Systems nearly $800 million, narrowly avoiding a trial at which Carlson would have been expected to testify.
Despite the speculation surrounding Carlson’s departure, he has yet to publicly address the news. The future of Fox News Channel remains uncertain, but one thing is for sure: the departure of its biggest star is sure to have a lasting impact on the cable news landscape.
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