Zinger Key Points
- Tucker Carlson and Fox parted ways recently, which could hurt ratings for a key time slot.
- Fox's head of advertising, however, said she isn't worried.
- Discover Fast-Growing Stocks Every Month
One of the most well-known television personalities for Fox News is no longer working for the network. Though the exit has been seen as a major blow, Fox’s advertising head called the situation immaterial.
What Happened: Fox News, a unit of media company Fox Corporation FOXFOXA, made headlines in late April when it announced it would part ways with anchor Tucker Carlson.
The move was seen as a potential loss for the news network as Carlson, a controversial media figure, generated strong viewership.
Fox’s president of ad sales, marketing and brand partnerships Marianne Gambelli, however, downplayed Carlson's importance to the network as Fox prepares to present to advertisers on Monday.
“The great news is it’s such a deep bench of Fox talent. We’re excited because they’re rotating a lot of this talent through, and I think clients, viewers and our advertisers will have a chance to sample all of the different talent,” Gambelli said, as reported by Adweek on Thursday.
Carlson, meanwhile, announced that he will launch a show on Twitter.
Fox News struggled in its first several nights without Carlson, pulling in just 1.33 million viewers during the 8 p.m. ET slot at one point, compared to the 3.25 million Carlson averaged in the same time slot in the last quarter.
Related Link: Tucker Carlson's Sudden Fox News Exit Ignites Social Media Speculation, Did BlackRock Pull The Strings?
Why It’s Important: Aside from addressing Carlson's departure and its impact on Fox, Gambelli highlighted the network’s strong lineup of sports, entertainment, news and streaming content available to advertisers.
“Fox is prepared and well-positioned, given the structure of our portfolio, which boasts live sports and news, both of which are less impacted, and the deep library of Tubi,” Gambelli said of the impact of the ongoing writers' strike.
Streaming platform Tubi has seen strong growth, with total viewing time on the platform up 200% year-over-year, according to recently reported quarterly earnings. Revenue for Tubi is up over 400% since Fox acquired the platform three years ago.
Fox is a big player in the sports market thanks to the company's rights to broadcast NFL games, which continue for the 2023 season.
FOX Price Action: Fox shares closed at $28.27 on Friday versus a 52-week range of $26.35 to $34.42.
Photo: Gage Skidmore via flickr
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
