Less than a day after the announcement of the departure of longtime TV host Tucker Carlson, Fox Corporation’s share price plummeted.
Shares of Fox Corporation (NASDAQ: FOXA) denied 5% next Monday tucker carlson exit, The mass media company had previously announced that Carlson was leaving Fox News Network due to his involvement in several controversies.
During the opening trading session, Fox Corporation reduced its market value by about one billion ($962 million). However, Media Syndicate’s Class A was trading up marginally at $32.65 at 1:32 PM Eastern Time (ET).
Fox and Tucker Carlson Media Group split just days after the giant Dominion lawsuit was settled for $787 million. The settlement is the largest of its kind in a US defamation case.
In the lawsuit, Dominion Voting Systems accused Fox News of spreading election fabrication. The electronic voting company also claimed that it allowed Carlson to debunk election-fraud claims about Dominion on his popular TV show. In addition to spreading election lies on the “Tucker Carlson Tonight” show, the conservative political commentator also questioned the possibility of Dominion’s denial in alleged private messages. These messages, revealed in legal documents, also exposed Carlsen’s disregard for aides.
In March, another lawsuit was filed against Carlson by his former top booker, Abby Grossberg, accusing him of inciting sexism on his shows. In addition to fostering a hostile work environment, Grossberg claimed that Fox coerced her testimony in the Dominion lawsuit. According to the TV producer, the network’s lawyers pressured him to give misleading testimony in the case.
Fox News announces Tucker Carlson’s departure despite immense popularity
Although Carlson was one of Fox News’ most popular hosts thanks to his widely-watched politically charged TV show, the channel announced his departure on Monday, saying:
“Fox News Media and Tucker Carlson have agreed to separate. We thank him for his service to the network as a host and before that as a contributor.
An insider claimed that at least three senior Fox Corporation executives decided to leave Carlson on Friday evening. They included Fox Corp chairman Rupert Murdoch, his son and Fox Corp chief executive Lachlan Murdoch, and Fox News chief executive Suzanne Scott. Meanwhile, Carlson, whose last appearance was on his nightly show on Friday, learned of his ouster via telephone on Monday morning. According to an insider, the troubled television personality and her team spent the weekend clarifying plans for the summer show.
Carlson had held the Fox News 8 p.m. time slot since April 2017 for his “Tucker Carlson Tonight” piece. The political commentator joined Fox in 2009 as a contributor, eventually rising through the ranks to earn his own show. According to Washington PostAs of 2015, Carlson became the most-watched host in the US, with 3.32 million total viewers. In addition, the TV host attracted the most viewers in the coveted 25-54 age demographic.
Fox has yet to officially give a reason for its decision to fire Carlson and the show’s executive producer, Fox has yet to officially give a reason. Instead, the company said it would fill the 8 p.m. hour slot with a rotation of personalities until it named a new TV host.
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