It seems that nearly everyone but Fox seems to understand that dumping Tucker Carlson was a bad, bad idea. While Fox might not get it, they should not be ignoring one major clue in the loss of $800 million in value they just lost.
According to CBS News, Fox has seen some very bad news.
Fox Corporation’s worth as a public company has sunk more than $800 million after the media company on Monday announced that it is parting ways with star host Tucker Carlson, raising questions about the future of Fox News and the future of the conservative network’s prime time lineup.
Carlson, whose last show was on Friday, April 21, is leaving Fox News even as he remains a top-rated host for the network, drawing 334,000 viewers in the coveted 25- to 54-year-old demographic in the 8 p.m. slot for the week ended April 20, according to AdWeek. That was more than twice the audience of his competitors at CNN and MSNBC in the same hour, and also represented a bigger audience than other Fox News hosts such as Sean Hannity or Laura Ingraham.
Shares of Fox dropped to a low of $29.27 on Monday, a decline of 5.2%, representing a loss in market value of more than $800 million, before rebounding slightly later in the day. Shares also fell slightly on Tuesday, but the stock regained ground on Wednesday, rising 28 cents, or almost 1%, to $30.
Wow, that is a huge loss to suffer so quickly.
Is Fox News paying attention?