Fox News’ parent company is in the midst of an astonishing financial resurgence after a rocky start to 2023 – following the network’s firing of longtime luminary Tucker Carlson and a $788 million lawsuit settled days earlier.
On April 17, the day before its historic settlement with Dominion Voting Systems, shares of Fox Corp were trading at $33.99 — a sum that by mid-May had dropped to $30.53.
Carlson – whose career at the station spanned 14 years – quit his show on April 23, with no reason given at the time as to why the company dropped its most-watched anchor.
Some pundits predicted the network’s demise by cutting one of its biggest stars, but it seems at least Wall Street believes in Fox again.
The stock, once considered blue-chip, has since rebounded dramatically and as of Wednesday afternoon stood at $34.38, up about 1% from its pre-trade price. monetary difficulties.
Fox News’ parent company is in the midst of a financial resurgence after a rocky start to 2023 – after Tucker Carlson networks were fired and a $788million lawsuit settled days earlier
On April 17, the day before its settlement with Dominion Voting Systems, shares of Fox Corp were trading at $33.99 — a sum that by mid-May had dropped to $30.53. The stock, once considered of the blue chip variety, stood at $34.38 on Wednesday
Former Fox New executive Ken LaCorte, who left the network in 2016 after longtime ally Robert Ailes was ousted over allegations of sexual harassment, was one of many to comment on Thursday’s return of station stock.
Like Carlson, LaCorte served the network for 20 years, holding several leadership positions in the process.
Now the owner of several competing websites, including Conservative Edition News, Liberal Edition News and LaCorte News, he took the opportunity to call Carlson’s firing last spring a “debacle.”
“Less than 4 months after the Tucker Carlson firing and $788 million Dominion settlement debacle, Fox stock is now trading at a higher level than it was before,” the man wrote. 58 – sharing a chart showing the stock’s recent volatility and rally.
Many assumed the 54-year-old’s ouster dealt with claims he and other network hosts spread lies about Dominion machines in the 2020 election – claims Rupert’s news station Murdoch had sworn to fight before finally throwing in the towel.
Its parent company has since struggled to plug the financial hole left by the preeminent host, reporting a loss of $50 million last quarter and seeing a sharp decline in the share price throughout April. and the whole month of May.
Carlson – whose career at the station spanned 14 years – quit his show on April 23, with few reasons given at the time as to why the company let go of its most-watched presenter.
Former Fox New executive Ken LaCorte, who left the network in 2016 after his longtime ally Robert Ailes was ousted over allegations of sexual harassment, was one of many to comment on Thursday the return of action.
In 2021, Dominion sued Fox claiming the anchor and other network hosts knowingly spread lies about its machines during the 2020 election, allegedly in an attempt to help Trump win re-election.
The lawsuit came at the height of Carlson’s success – and specifically targeted statements made on air by the TV presenter and others such as Sean Hannity, Lou Dobbs, Jeanine Pirro and Maria Bartiromo.
Upon discovery of the affair, several text messages sent by Carlson to colleagues during the 2020 election were made public, embarrassing the network to no end.
Sent to colleagues such as Laura Ingraham, they revealed how Carlson secretly despised Trump behind the scenes – despite his repeated praise of the then president, whose victory helped propel his success further, in public.
An envoy on Nov. 5 this year – days after Joe Biden was declared victorious – appeared to show Carlson that he realizes a loss to Trump could spell trouble for the network, given how far he had gone. leaned on the politician over the past few years.
‘He could easily destroy us if we play him wrong,’ Carlson wrote of Trump in one of several startling text messages obtained by the polling firm – which claimed in court that the correspondence served as evidence that Trump he was knowingly spreading false information.
On November 17, Carlson complained about attorney and frequent Fox guest Sidney Powell for pushing the voter fraud plot – although he apparently agreed with the theory himself several times at the antenna.
Many assumed the 54-year-old’s ouster dealt with claims he and other network hosts spread lies about Dominion machines in the 2020 election – claims Rupert’s news station Murdoch had sworn to fight before finally throwing in the towel
‘Sidney Powell is lying. Fucking bitch,’ he wrote.
A day later, in a message to Ingraham, Carlson explained, “Sidney Powell is lying by the way. I caught her. It’s crazy.’
Then, after the Jan. 6 uprising, Carlson took aim at the ex-president himself, saying he couldn’t wait for him to be removed from office — and more importantly, out of the headlines.
“We’re about to be able to ignore Trump most nights,” Carlson wrote in a post. “I really can’t wait.”
He added: “I hate him passionately.”
The messages, said lawyers hired by the Toronto-based polling firm, served as evidence that Carlson and others knowingly spread false information that their machines played a role in Biden’s victory.
After a jury selection and after Fox promised a bitter, high-powered court battle, the network inexplicably backed down, agreeing to fork over the biggest civil settlement in history.
The move intrigued many who thought Fox would never back down from a fight when it came to their lucrative golden boy.
