✎ Contributed by Ty Griffin
President Donald Trump criticized Fox News after Democrats won control of both chambers of Congress in the midterm elections, blaming the network’s coverage for Republican losses. His comments also highlighted Fox News’ declining audience, with average October viewership falling approximately 27% from a year earlier to 1.1 million.
Fox CEO Lachlan Murdoch attributed the decline to viewer fatigue rather than audiences switching to competing networks. Despite the ratings drop, Fox Corp. reported a strong fiscal first quarter, with revenue rising 22% to $4.57 billion and advertising revenue increasing 47% on political spending and coverage of the FIFA Men’s World Cup.
Market Reaction
- Fox Corp. (NASDAQ: FOX): $60.95, up $1.32 (2.21%)
- Walt Disney Co. (NYSE: DIS): $119.58, up $5.35 (4.68%)
- Comcast Corp. (NASDAQ: CMCSA): $24.80, up $1.14 (4.80%)
- Skydance Corp. (NYSE: SKYD): $8.29, up $0.21 (2.60%)
- New York Times Co. (NYSE: NYT): $65.73, down $1.39 (2.07%)
Investor Sentiment
Fox shares advanced as investors focused on the company’s strong financial performance rather than the president’s criticism or the year-over-year ratings decline. Political advertising and major sporting events helped offset softer news viewership, demonstrating the value of Fox’s broader entertainment and sports portfolio.
Market participants will watch whether Fox News audiences return after the election and whether rival networks can sustain recent viewership gains. The industry’s longer-term challenge remains adapting to declining linear television consumption while expanding streaming, digital subscriptions and advertising revenue across increasingly fragmented audiences.
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