Wells Fargo downgraded Fox Corporation stock on Monday as Fox News's viewership continues to decline after Tucker Carlson's departure.
“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.
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.
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