Topline
Shares of Fox News’ parent company fell on Monday after the network announced the Easter of Tucker Carlson, its controversial but beloved host, less than a week after the company agreed to pay $787.5 million to settle a libel lawsuit from Dominion Voting Systems after Fox figures including Carlson peddled false allegations of fraud in the 2020 election.
Tucker Carlson gives a sideways glance.
Highlights
Fox Corporation’s Class A shares fell 5.6% within 30 minutes after its news wing announced it had immediately “agreed to part ways” with Carlson.
That wiped out $700 million in market cap for the Rupert Murdoch-led company.
The network didn’t immediately give a reason for Carlson’s departure, but it was a major bombshell considering Carlson’s nighttime schedule. Tucker Carlson tonight regularly book largest cable news audience.
Large number
$182 million. This is how much the net worth of Murdoch, executive chairman of Fox Corp., slipped on Monday, according to Forbes‘ estimates. The 92-year-old is the 99th richest man in the world.
Surprising fact
CFRA research director Kenneth Leon downgraded Fox stock from a buy to a hold on Friday following the Dominion settlement, reducing his price target for Fox from $41 to $37. The Fox brand has taken a “hit with advertisers and marketers,” Leon wrote in a note to clients, lowering earnings estimates for 2023 and 2024 by about 5% each.
Further reading
Tucker Carlson suddenly absent from Fox News (Forbes)
Correction (4/24): A previous version of this article incorrectly stated in the “Key Facts” section how much market capitalization Fox lost on Monday.