Fox Corporation saw a sharp decline in its stock value on Monday, dropping as much as 5% and wiping out $930 million in market value, following the announcement of Tucker Carlson’s departure from Fox News Media. The media company’s shares managed to regain some ground and were trading at $29.61, down nearly 4% at 12:15 p.m. ET.
Carlson, a long-time host on Fox News and a popular conservative personality, was known for his 8pm show, which consistently ranked as the most-watched news program on cable television. The news of his departure comes just a week after Fox News settled a defamation lawsuit with Dominion Voting Systems for $788 million, related to the network’s spread of misinformation about the 2020 Presidential election and allegations of election fraud.
In a statement, Fox News confirmed the departure of Carlson, saying that “FOX News Media and Tucker Carlson have agreed to part ways. We thank him for his service to the network as a host and prior to that as a contributor.” The company also stated that it would be filling the 8pm time slot with a rotating cast of Fox News personalities until a new host is appointed.
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