Staff Reports
Fox Corporation’s stock has been downgraded by Wells Fargo, and conservative viewers are not happy about it. The downgrade comes as a result of a decline in Fox News viewership, particularly following the departure of the beloved host Tucker Carlson in April. Analyst Steve Cahall claims that “ecosystem risks” surrounding Fox News played a major role in the downgrade.
Hopefully just the beginning. https://t.co/qACpOcBig5
— Jenna Ellis (@JennaEllisEsq) July 12, 2023
Let’s break this down for you fourth-graders out there. Fox News earns most of its money from its beloved conservative programming. But without Tucker Carlson, the network has been facing some serious problems. Viewership has taken a nosedive, going from an average of three million viewers during Carlson’s time slot to a measly 1.65 million since he left. That’s a loss of nearly a million and a half viewers! Yikes!
Not only has Fox News lost viewers, but they’ve also lost their share of the cable news market. They used to have over half of the audience share, but it dropped all the way down to 38% in June. And get this, their share of conservative news viewers has fallen from 94% to a pathetic 84%. They’re losing their grip on their own base!
This decline in viewership has had a direct impact on Fox Corporation’s stock. It has experienced a sharp decline since Carlson’s departure, dropping as much as 5 percent. That’s enough to make anyone’s portfolio tremble in fear. The stock market can be a tricky thing, but this downgrade is certainly bad news for Fox.
But wait, there’s more! Wells Fargo analyst Steve Cahall also warned of bigger challenges facing the media industry as a whole. Ditching cable for streaming services is all the rage these days, and Fox News might be left in the dust if they’re not careful. Cahall says that TV has better growth potential but higher costs, which could hurt Fox in the long run. It’s like trading in your trusty bicycle for a snazzy new scooter, only to find out it’s missing a wheel.
So, what’s Fox News going to do about this mess? They’ve announced a new primetime lineup set to start in July. Jesse Watters will take over Carlson’s coveted 8 p.m. slot, and Laura Ingraham and Greg Gutfeld will shuffle around to earlier and later times. Sean Hannity, of course, will stay right where he is. Will this new lineup be enough to turn things around? Only time will tell.
In the meantime, fans of Fox News and Tucker Carlson are scratching their heads, wondering why such a successful host would get the boot. Rumors suggest that Rupert Murdoch, the big boss at Fox Corp., had a hand in the decision. It’s a bit of a mystery that even Sherlock Holmes himself would struggle to solve. But one thing’s for sure, Carlson’s departure has left a gaping hole in the hearts of conservatives everywhere.
Former President Donald Trump, always eager to voice his opinion, expressed his disappointment over Carlson leaving the network. He called him a “very good person” and “very talented,” and even said it was a “big blow to cable news and to America.” Trump clearly knows a good thing when he sees it, and he recognizes that Carlson was ratings gold.
In conclusion, Fox News is facing some tough times ahead. Viewership is down, the stock has been downgraded, and even former President Trump is mourning the loss of Tucker Carlson. Hopefully, the new lineup and some fresh ideas will be enough to bring Fox News back on top. But one thing is clear, they’ve got some serious work to do.
