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Fox Corporation, once a staple of conservative news media, has been dealt a devastating blow as it faces an inevitable downfall in the wake of dropping viewership numbers. Wells Fargo’s decision to downgrade the company’s stocks from “Equal Weight” to “Underweight” only confirms the steep dive the network has suffered after the departure of Tucker Carlson, one of its most popular hosts. Analyst Steve Cahall cited “ecosystem risks” surrounding Fox News and the severe impact of cord-cutting trends that have irrevocably dented the network’s performance.

The departure of Carlson has caused a cataclysmic shift in the network’s ratings. It has gone from an average of 3 million viewers to a mere 1.65 million since Carlson’s exit, leaving Fox News in the dust. The channel’s share of conservative news viewers has also dwindled, leaving it with a mere 84% share compared to 94% two years ago. The network’s share of cable news primetime viewership has also fallen from 52% to 38% in June 2023.

Fox’s earnings mainly come from Fox News earnings and, with plunging viewership, the network faces share pressures and worsening cord-cutting trends that could lead to its inevitable downfall. Even Cahall warned of the overarching media industry hurdles that could further impact Fox’s bottom line in the long term. With an inability to reduce costs, Fox News’ potential for top-line growth is severely reduced, and the future of the network is looking increasingly uncertain.

To counter the steep drop in viewership, Fox News announced a new primetime lineup in July, but it remains to be seen if this will help its floundering ratings. Jesse Watters, Laura Ingraham, and Greg Gutfeld have been slotted in the primetime lineup, but it remains to be seen if they can revive the network’s fortunes. Cahall believes that the viewership story for Fox News is a “Show Me” one, indicating that it will take something drastic and extraordinary for it to regain its audience, if at all.

The decision to part ways with Carlson was reportedly made by Rupert Murdoch, Chairman of Fox Corp., leaving many questions unanswered. The abrupt departure of Carlson, one of the network’s most successful hosts, has sent shockwaves throughout the industry, causing alarm among conservative viewers. Even former President Donald Trump, a frequent guest on Carlson’s show, lamented the departure of the “insightful, interesting and ratings gold” host.

Fox News’ descent signals the end of an era for conservative media, with other more progressive channels like CNN and MSNBC preparing to take over. It appears that Fox’s high reliance on US affiliate fees, which account for approximately 50% of its revenue, may have sealed its fate. While the company has battled on all fronts to regain its lost viewership, the decline in numbers seems unstoppable. Fox News’ conservative agenda may have run its course.