{"id":5864,"date":"2023-05-08T15:59:19","date_gmt":"2023-05-08T19:59:19","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/fox-will-report-first-earnings-since-dominion-settlement-and-carlson-exit-revealing-whether-its-in-rebuilding-mode\/"},"modified":"2023-05-08T15:59:20","modified_gmt":"2023-05-08T19:59:20","slug":"fox-will-report-first-earnings-since-dominion-settlement-and-carlson-exit-revealing-whether-its-in-rebuilding-mode","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=5864","title":{"rendered":"Fox Will Report First Earnings Since Dominion Settlement And Carlson Exit\u2014Revealing Whether It\u2019s In \u2018Rebuilding Mode\u2019"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Fox Corp. will share its first quarterly earnings report of the year Tuesday after a noisy start to 2023, which included a nearly $800 million settlement for its news wing\u2019s touting of misinformation about the 2020 election and the surprise ouster of its popular but controversial television personality Tucker Carlson.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>The Carlson and Dominion Voting Systems ado \u201ccreates headline risk but is unlikely to impact business fundamentals and is already reflected in the equity price,\u201d Evercore ISI analysts led by Vijay Jayant wrote in a note to clients last week.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Class A shares of Fox are down 6% over the last month, shedding some $520 million and $90 million in the first trading sessions following the Carlson and Dominion announcements, respectively.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Helping to mitigate the potential bottom-line effects of the recent controversy is Fox\u2019s hefty cash pile and Fox News\u2019 success at replicating the ratings of Carlson\u2019s prime-time predecessor Bill O\u2019Reilly, after his own sudden and controversial ouster due to sexual misconduct allegations, Evercore noted.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Fox is likely to offer further guidance on the tax impacts and insurance coverage of its settlement with Dominion during its Tuesday morning earnings call, Jayant wrote.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>In an April note to clients, CFRA analyst Kenneth Lofton knocked down his 2023 and 2024 earnings estimates for Fox by about 5%, pointing to the negative publicity\u2019s likely drag on advertising revenue.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Surprising Fact<\/h2>\n<p>Compared to other legacy media stocks, Fox will be \u201crelatively less impacted\u201d by the ongoing Writers Guild of America strike affecting most scripted programming in the U.S. should the stoppage extend to impact the crucial fall television season, according to Evercore, citing Fox\u2019s stronger reliance on unscripted content such as sports for prime-time programming. CBS parent Paramount would be the most-impacted media stock if the strike lasts a prolonged period due to its heavy exposure to scripted programming, according to Evercore; shares of Paramount are down more than 25% over the last week after an earnings miss.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Crucial Quote<\/h2>\n<p>Fox News \u201cis now in rebuilding mode, and it will likely take time for the stock to recover,\u201d KeyBanc analyst Brandon Nispel wrote in a note to clients following Carlson\u2019s departure.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Big Number<\/h2>\n<p><strong>$28 billion.<\/strong> That\u2019s how much market value the five largest American media companies\u2014NBC parent Comcast, CNN and HBO parent Warner Bro. Discovery, Fox, Paramount and Fox\u2019s sister company News Corp\u2014have added year-to-date.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<p>Tucker Carlson\u2019s Exit Wipes Out $700 Million In Market Value For Fox (<em>Forbes<\/em>)<\/p>\n<p>\u2018Stranger Things\u2019 Pauses Filming: Here\u2019s How The Hollywood Writers\u2019 Strike Might Impact Your Favorite Show (<em>Forbes<\/em>)<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/05\/08\/fox-will-report-first-earnings-since-dominion-settlement-and-carlson-exit-revealing-whether-its-in-rebuilding-mode\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Fox Corp. will share its first quarterly earnings report of the year Tuesday after a noisy start to 2023, which included a nearly $800 million settlement for its news wing\u2019s touting of misinformation about the 2020 election and the surprise ouster of its popular but controversial television personality Tucker Carlson. Key Facts The Carlson [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5865,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-5864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fox Will Report First Earnings Since Dominion Settlement And Carlson Exit\u2014Revealing Whether It\u2019s In \u2018Rebuilding Mode\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Fox Corp. will share its first quarterly earnings report of the year Tuesday after a noisy start to 2023, which included a nearly $800 million\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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