Fox News loses over $500 million in market cap after unceremonious departure of Tucker Carlson

 April 25, 2023

Fox News' stock price plummeted after the shocking news Monday that the media corporation had parted ways with its most popular host, Tucker Carlson. 

Shares had fallen as steeply as 5.4 percent before recovering to a loss of 3 percent, representing a stunning loss of $507 million in market value.

Carlson's ouster came without warning for his millions of fans, and apparently Carlson himself, who had signed off his final broadcast Friday by saying, "See you Monday."

While there are plenty of rumors, it's yet unclear what led to the dramatic separation, and Carlson had not commented as of Tuesday afternoon.

Fox News plummets

The long-term impact on Fox's bottom line is also uncertain, but at the moment, the prognosis isn't looking good. Several Fox alumnae such as Megyn Kelly and Glenn Beck have weighed in to predict that Carlson's absence will hurt his former employer.

"To me, this is a suicidal move for Fox," Beck said, adding, "If it's their move."

Megyn Kelly, who left Fox for NBC before launching a podcast, said Carlson was the "only reason a lot of people still" tune in to Fox. That's an assessment that many a Carlson fan would readily endorse.

Fox News has lost a great deal of trust since the 2020 presidential election, when conservatives revolted against coverage that many saw as prematurely favorable to Joe Biden. But to many, Carlson was in a league of his own.

With his powerful, provocative commentary, the Tucker Carlson Tonight host frequently drew more than 3 million viewers to his show, the highest rated and most controversial in all of cable news.

The king of cable

While the financial impact of Carlson's unceremonious departure was immediate, it also unleashed some strong emotions from his fans.

Fox News personality Brian Kilmeade received a chilly reception Monday night when he became the first to fill in for Carlson's 8 p.m. hour. Kilmeade curtly addressed the elephant in the room, while saying he remains "friends" with Carlson.

Former Donald Trump adviser Peter Navarro called Kilmeade a "cowardly scumbag," echoing the feelings of disappointment and betrayal among many Fox viewers.

Viewership for Kilmeade was at less than 2.6 million, representing a loss of about 700,000 viewers compared to Carlson's final ratings.

Where does Carlson go from here? One thing is clear: he has a loyal following that is waiting to tune in to his next venture.

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