The World Forum - May 26th, 2024

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Tucker Carlson’s departure wipes half a billion off Fox Corp’s market value


The exit of Tucker Carlson, one of Fox News’ most popular prime-time hosts, has cost the channel’s parent company more than $500 million in market value, according to trading data.

Class A shares of Fox Corporation dropped as much as 5.4% on Monday before paring losses to 2.95%. The decline occurred shortly after the company announced plans to part ways with Carlson with immediate effect after more than a decade.

Carlson’s departure came several days after the broadcaster agreed to pay $787 million to settle a defamation suit brought by Dominion Voting Systems. The firm had previously sued the network for defamation in a Delaware court, alleging that Fox presenters including Carlson had promoted “baseless” claims of fraud in the 2020 presidential election.

Neither Fox nor Carlson revealed the reasons behind the break-up. The network only said that last Friday’s episode of Tucker Carlson Tonight, which attracted a nightly audience of more than 3.7 million, was the last, and that a newscast will be aired in its time slot from Monday evening.