Fox Corporation stock fell as much as 5% on Monday and erased $962 million in market value after it was announced that Fox News Media had parted ways with its host Tucker Carlson.
Class A shares of the media company recovered slightly and were trading at $32.65, down almost 3% at 1:32 p.m. ET.
The split between Carlson and Fox News comes just one week after the company settled a defamation lawsuit with Dominion Voting Systems for $787.5 million because of the network’s spread of misinformation related to the 2020 US presidential election and unfounded claims of election fraud.
Carlson has long been one of the most popular hosts at Fox News, with the conservative talk-show personality’s 8 p.m. show consistently being the most watched news show on cable TV.
“FOX News Media and Tucker Carlson have agreed to part ways,” Fox News said in a statement. “We thank him for his service to the network as a host and prior to that as a contributor.”
The company said it would fill the 8 p.m. hour with a rotation of Fox News personalities until it named a new host.
