The Class A shares of parent company Fox Fox Corp. fell to 6% on Thursday when President Donald Trump retwented his for rival right-wing news networks Newsmax and NNO.
Some of Trump’s retweets Thursday include: “FoxNews is dead,” “Fox absolutely unfair and misleading. Switching to Newsmax” and “Newsmax and Oann are wonderful opportunities [for Fox News]. “
Then those retweets were followed through a direct message from Trump, who tweeted: FoxNews’ day ratings have absolutely collapsed, the weekend of the day, even PIRE. Very unhappy that this happened, but they forgot what allowed them to succeed, of what took them there. They forgot about the Golden Goose. The biggest difference between the 2016 and 2020 elections, FoxNews!”
Fox News noted statistics that contradict Trump’s statement of a collapse in ratings, resulting in an annual increase of 57%, according to Nielsen Media Research.
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A report that Trump would be interested in competing with Fox News by launching his own conservative-friendly news network once he resigns could also affect Fox Corp’s actions.
“He plans to destroy Fox. No there is no doubt,” said a source with detailed knowledge of Trump’s intentions in Axios.
This strategy would be consistent with Trump to free up the network faster and with lower commissioning costs. The network would likely qualify a consistent monthly payment to divert consumers of Fox Nation, Fox Corps’ streaming service, to $5. 99 per month.
Fox Corp’s Class A stock fell 12% from its peak of $29. 28 on Thursday afternoon on Election Day.
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