Fox Corporation’s stock has just taken a massive hit after news broke that the top host in all of cable news, Tucker Carlson, was leaving the network.
The Rupert Murdoch-controlled company, where Paul Ryan has a board seat, lost $1 billion in market capitalization when its stock price dropped more than 5% in the minutes after the separation hit the news.
The stock price has slightly increased and is down around 4% since the announcement.
This comes as Fox News is negotiating its carriage fees with Comcast and others.
Carriage fees are a huge source of Fox’s profit.
Fox News recently bragged that in the first quarter of 2023, Tucker Carlson’s show 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.”
Nevertheless, Fox announced today that it is cutting ties with the network’s star anchor.
“FOX News Media and Tucker Carlson have agreed to part ways,” the network said in a statement.
“We thank him for his service to the network as a host and prior to that as a contributor.”
Carlson’s last show was Friday.
Fox will air a new program called “Fox News Tonight” at 8 pm, starting Monday evening.
This will be an interim show hosted by different Fox News personalities.
— Mary Shaw (@MaryInIllinois) April 24, 2023
Meanwhile, failing CNN also fired Don Lemon within hours of Fox and Carlson parting ways.
Lemon was furious by the news and said he was “informed” that he had been fired by his agent.
“I was informed this morning by my agent that I have been terminated by CNN. I am stunned,” Lemon said in a post on Twitter.
“After 17 years at CNN, I would’ve thought that someone in management would’ve had the decency to tell me directly.
“At no time was I ever given any indication that I would not be able to continue to do the work that I have loved at the network.
“It is clear that there are some larger issues at play,” he alleged.
“With that said, I want to thank my colleagues in the many teams I’ve worked with for an incredible run.
“They are the most talented journalists in the business, and I wish them the best.”
— Don Lemon (@donlemon) April 24, 2023