Shares of Fox Corp. sank as much as 5.4%
Author of the article:
Bloomberg News
Bailey Lipschultz
Published Apr 24, 2023 • 1 minute read
People pass by a promo of Fox News host Tucker Carlson on the News Corporation building in New York, in 2019. Photo by Brendan McDermid/Reuters Tucker Carlson, one of the most popular Fox News prime-time hosts, was worth more than $690 million to the parent company. At least that is what trading in the stock indicates.
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Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. Shares of Fox Corp. sank as much as 5.4 per cent Monday, the most since October, after the company said Carlson had left with immediate effect. The departure comes just days after the network agreed to pay US$787 million to settle a defamation suit brought by Dominion Voting Systems Inc.
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As speculation over Carlson’s next landing spot spread, investors snapped up shares of Rumble Inc., the Peter Thiel-backed conservative video network, and Digital World Acquisition Corp., the special-purpose acquisition company merging with Trump Media. Both stocks erased declines, with Rumble stock rallying as much as 3.9 per cent, while Digital World gained 2.2 per cent.
Recommended from Editorial How the Murdochs agonized over Trump’s election loss Fox News’s most powerful viewer could become its greatest rival Carlson’s exit is “definitely going to leave a mark on Fox,” said Matthew Tuttle, chief executive and CIO of Tuttle Capital Management, who bought shares of Rumble.
Bloomberg.com