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    Fox News Suffers Huge Loss in Brutal Earnings Report – Here’s What Is to Blame

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    The statistics are looking bleak for Fox News, and Tucker Carlson’s abrupt dismissal isn’t even the primary cause.

    According to a report published on Tuesday by The Hollywood Reporter, Fox News reported a quarterly loss of $50 million.

    Fox predominantly attributes this loss to the lawsuit and subsequent settlement filed by Dominion Voting Systems.

    Dominion filed a defamation lawsuit against Fox News for the network’s coverage of the aftermath of the 2020 general election, in which former President Donald Trump denied the legitimacy of the result due to voter irregularities.

    Fox News and Dominion reached a settlement agreement for $787.5 million.

    Clearly, this is a substantial settlement, and a $50 million quarterly loss may be more tolerable if it is understood that it is primarily attributable to the settlement.

    “During the quarter we booked an $850 million charge in Other, net in relation to the Fox News Media defamation cases, reflecting all incurred and estimable costs at this time,” a Fox representative said, per the Reporter.

    In this case, however, that is not the only negative news for Fox News.

    According to the report, the suddenly struggling news network only cited the legal expenses associated with the settlement in its financials for the previous quarter, not the settlement itself.

    In fact, the financial impact of the settlement will not be revealed until at the earliest the next quarter’s earnings report.

    While Fox was eager to attribute any financial difficulties to the Dominion settlement, Fox News CEO Lachlan Murdoch was more optimistic about the long-term impact of Carlson’s sudden departure.

    “With regards to our programming strategy in primetime, there’s no change to our programming strategy at Fox News,” Murdoch told investors on an earnings call.

    The CEO added: “It’s obviously a successful strategy. And as always, you know, we are adjusting our programming and our lineup, and that’s what we continue to do.”

    However, the “obviousness” of Fox News’ success in primetime is undoubtedly debatable.

    With Carlson’s departure, Fox News’ ratings immediately plummeted, particularly around his previous time slot. Those ratings have not grown better.

    More on this story via The Western Journal:

    There is certainly an argument to be made that a few hours of suppressed ratings won’t mean much to a 24-hour news network, particularly with ads (and therefore ad revenue) running during those 24 hours. CONTINUE READING…

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