Fox Tumbles As Trump Urges Followers To Turn Away Amid Rumors About Rival Offering

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by Tyler Durden
Thursday, Nov 12, 2020 - 02:45 PM

Shares of Fox Corp., the corporate parent of Fox News and many of Rupert Murdoch's remaining media assets following the sale of most of his entertainment business to Disney, are sliding Thursday after President Trump urged viewers to abandon Fox.

In a tweet, Trump essentially blamed the network for the election results, and argued that the network "forgot what made them successful".

To be sure, he's not entirely off-base here with these comments about Fox's ratings.

Trump's twitter feed was filled with retweets of viewers complaining about Fox's coverage and saying they would be migrating to Newsmax.

The intraday drop so far has been more than 6%, the biggest daily drop since last Wednesday, the day after the election, when shares took a beating on the election results.

Trump's comments probably had more impact since earlier today, Axios reported that the president has revived plans to launch his own digital media offering. Instead of a television channel, which would require enormous startup costs, the president is looking into a digital streaming project to rival Fox's "Fox Nation" digital-subscription service.