Tucker Carlson was the number-one rated host on cable TV.
But the network fired him in April without any notice.
And Wells Fargo just released a report that left conservatives wondering about the real reason Fox News fired Tucker Carlson.
Fox News executives stepped in it
Fox News executives made the surprising decision at the end of April to boot Tucker Carlson off the network.
Since Carlson was the top-rated host of the top-rated show in cable news, conservatives were dumbfounded by his termination from the network.
Carlson’s 8:00 P.M. time slot on Fox News averaged roughly three million viewers each night, which made firing him a risky move for network executives.
Of course, Fox News executives attempted to downplay the predicted ratings hit for taking Carlson off the air.
“For more than 21 years, Fox News Channel has been cable news’ most-watched network in all categories with more Democrats, Independents and Republicans now tuning in than either CNN or MSNBC,” Fox News wrote in a statement.
“Attracting more than 50 percent of the cable news viewing audience with the top 12 programs in cable news, Fox News’ powerhouse team of journalists, analysts and opinion hosts are trusted more by viewers than any other news source,” the statement added.
But the ratings quickly showed that a number of Fox News viewers also left the network with Carlson.
Viewership dropped from three million to just 1.3 million on the first day after the departure of the most popular personality in traditional media, a decline of 56%.
“The disparity was most stark on Wednesday, when Kilmeade’s 8 p.m. hour received an average of 1.3 million total viewers, compared with the 3 million Carlson received a week earlier — a decline of 56 percent,” the Washington Post reported. “Overall, the network experienced a 45 percent viewership decline last week without Carlson in the host’s chair.”
The drop in viewership is also causing a massive loss of money for the company.
Fox stock takes a hit for firing Carlson
According to a report on Monday, Wells Fargo just downgraded Fox Corporation stock (FOXA) to “Underweight” from its previous rating of “Equal Weight.”
“Fox’s earnings are mostly Fox News earnings, and Fox News is facing viewership and share pressures,” analyst Steve Cahall wrote in a new note to clients. “With ecosystem risks also elevated we find our estimate outlook more negative and below the Street.”
According to Cahall, viewership numbers for Fox News were down 19% from January to June compared to the same period two years ago.
“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,” the analyst wrote. “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.”
Cahall said one solution would be to cut costs but added that would lead to a loss in revenue as well.
Fox News is in a rapid decline without Tucker Carlson.
And conservatives are determined to discover the real motivation behind Carlson’s ouster.