Reports emerged Wednesday that Wells Fargo downgraded the stock of the Fox Corporation on Monday as the ailing Fox News network's ratings have plunged following the departure of top-rated host Tucker Carlson.
After Carlson's controversial departure in May, Fox News' ratings took a substantial hit, as previously reported by the DC Enquirer. Since his move to Twitter video, the first two episodes of 'Tucker on Twitter,' with little more than 23 minutes of air, managed to accrue almost 170 million tweet views and 34.6 million video views. Conversely, as reported by 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.”
Wells Fargo analyst Steve Cahall told Yahoo! Finance on Monday that the corporation has been deemed underweight and there are "ecosystem risks" around the news outlet.
He reportedly told clients, “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.”
Cahall made no mystery of it either, connecting the network's situation to Carlson's ouster.
"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."
Indeed a poll from Economist/YouGov found that over a quarter of people polled, 26 percent, have watched Fox News less since the dismissal of Carlson.
National File Contributor Charles R. Downs suggested via Twitter that the decline could be linked to former House Speaker Paul Ryan, who as 45th President Donald J. Trump noted in Iowa, "is a RINO loser who is currently destroying Fox."
Downs wrote, "Wells Fargo downgraded Fox Corporation’s stock. Trump was right. Paul Ryan is a loser and is destroying Fox News. Remember, Ryan is a big fan of Ron DeSantis. Avoid DeSantis- Ryan at all costs. They are nothing but trouble."
https://twitter.com/TheCharlesDowns/status/1679109005988200454
As Investing.com, cited by Newsmax, noted, "Viewership is down -19% Jan-June'23 vs Jan-June'21 due to cord cutting and/or programming."
https://twitter.com/NEWSMAX/status/1678751051393163264
Adding, "More worryingly, Fox News was 52% of cable news prime-time viewership for 2020-22, 51% in Jan'23, and that has slid to a low of 38% in June'23 post-TC. FN's share of conservative news viewers has fallen from 94% to 84%."
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