Fox News Channel knew they were going to take a hit after they fired long time host Bill O’Reilly. But they didn’t know it was going to be that hard of a hit.
Forbes reported that the network’s owners, the Murdoch family, have lost more than $1 billion in net worth in the last 2 months. The drop is due to falling stock prices over the concern if the network can rebound after O’Reilly was let go. It doesn’t help that the network has been riddles with scandals over the last couple years.
Combined with scandals and the unfavorable Trump coverage, Fox has been losing ratings to competing networks like MSNBC and CNN.
While Fox continues to have a stronghold, the gap is closing and investors are selling off their stock in Twenty-First Century Fox. This is having a much more damaging impact on the Murdoch family than they had bargained for.
(H/T The Blaze)