Wells Fargo downgraded Fox Corporation stock on Monday as Fox News’s viewership continues to decline.
In May, ratings for the news outlet took a significant dive after host Tucker Carlson left the network, according to Breitbart News.
“During its 8 p.m. hour, the network has dropped from a three million viewer average to a 1.65 million viewer average since the departure of Tucker Carlson,” the article said.
Now, Wells Fargo has deemed the corporation Underweight, and Yahoo! Finance reported Monday that analyst Steve Cahall said there were “ecosystem risks” surrounding the news outlet.
FOX NEWS STOCK DOWNGRADED: Wells Fargo analysts downgraded Fox Corporation stock, citing risks concerning news, earnings, and viewership. MORE: https://t.co/Q0NLTnTRCL pic.twitter.com/Tgr6rkFKsX
— NEWSMAX (@NEWSMAX) July 11, 2023
“Fox’s earnings are mostly Fox News earnings, and Fox News is facing viewership and share pressures. With ecosystem risks also elevated we find our estimate outlook more negative and below the Street,” he told clients.
He also connected some of its troubles to Carlson’s departure, noting:
Fox News was 52% of cable news primetime viewership for 2020-22, 51% in Jan’23 and that has slid to a low of 38% in June ’23 post-Tucker Carlson. Fox News’ share of conservative news viewers has fallen from 94% to 84%. While the new primetime lineup could drive a rebound, we think Fox News is a Show Me viewership story.
According to a May survey from the Economist/YouGov, one-quarter of American adults said they watch Fox News “less often” after Carlson left the network.
However, Carlson eventually announced he would be doing a fresh version of the show on Twitter.
In May, Breitbart News’s Washington Bureau Chief Matthew Boyle spoke about viewers leaving Fox News during an interview, stating, “Boring, not edgy, content. They don’t want to push the envelope. They don’t want to drive things forward at all,” he said of the network’s executives.
“But again, they’re now getting in league with all these leftists and whatnot,” he added.
Watch — Breitbart’s Boyle on Newsmax: Leaks and Smears Against Tucker Carlson Driving Viewers Away From Fox News to Breitbart and Newsmax
NewsmaxIn June, former President Donald Trump also said, “a lot less” people were watching Fox News.
