On Monday, when Fox News Media announced that they and Tucker Carlson had “agreed to part ways,” the market capitalization of the Fox Corporation reportedly plummeted by $800 million.
Author Aimee Picchi of CBS News
Fox stock lost 5.2% of its value, or more than $800 million, on Monday, when it hit a low of $29.27. But by the afternoon, they were on the increase again. The share price was down somewhat on Tuesday as well, but it rose about 1% on Wednesday to $30.
It appears that Picchi was referring to figures involving Fox Corporation class B shares.
The Fox Corporation, which includes Fox News Media, Fox Entertainment, Fox Sports, and Fox TV Stations, has a class B stock that was trading at $29.88 a share on Yahoo Finance as of 1:40 PM on Wednesday. The stock peaked at $30.98 early Monday morning, thus today’s price represents a drop of $1.10.
After settling with Dominion Voting Systems for $787 million to avoid a major defamation trial, Fox Corporation lost money on Monday.
The reasons behind Carlson’s departure from the network are yet unclear.
Several reports, all of which cite unidentified individuals, state that Fox News President Suzanne Scott and Fox Corporation CEO Lachlan Murdoch agreed to end their relationship with the program on Friday night.
Carlson finished last week’s broadcast by promising listeners that he will be “back” this week. On Monday morning, he supposedly learned about the switch.
He and his wife Susan were interviewed by the Daily Mail on Tuesday when they were walking near their house in Boca Grande, Florida. Breitbart News claims he was cheerful and cooperative.
“Retirement is going great so far,” he quipped to his wife as they got ready for a night on the town.
A weekday supper with his wife was something he hadn’t done in seven years.
When questioned about his long-term goals, he jokingly said, “Appetizers plus entree.”
Carlson hung out with his boss Justin Wells for the majority of Tuesday. While his attorney, Bryan Freedman, negotiates his resignation from Fox Corporation, he is unlikely to commit to anything at this time, despite reports to the contrary in The Mail.