Fox Corporation shares tumbled with speculation ramping up that President Donald Trump might back or launch a rival news service after he leaves office.
On Thursday, an Axios report citing unidentified sources that Mr Trump is planning a subscription-based streaming platform similar to Fox Nation, a $6-a-month service launched two years ago.
Fox shares declined from the start of trading, and the drop deepened after Mr Trump amplified a series of Twitter posts from users criticising Fox News as insufficiently loyal to the president and urging conservatives to switch to rivals such as Newsmax.
In a tweet of his own after the retweets, Mr Trump said Fox’s daytime ratings have “completely collapsed” because the network “forgot what made them successful, what got them there”.
Fox News was the biggest difference between the 2016 and 2020 elections because the network forgot its “Golden Goose”, Mr Trump said in the tweet.
Mr Trump’s targeting of Fox’s daytime ratings appeared purposeful. The channel’s programs during the day feature conservative perspectives but play the news relatively straight, while its prime-time opinion shows star full-throated defenders of the president such as Tucker Carlson, Sean Hannity and Laura Ingraham.
The president’s relationship with the most-watched news channel in America has waxed and waned over the years. Mr Trump was a frequent guest on Fox News long before he decided to run for president, and the Fox News evening commentators have been ardent supporters of him throughout his time in office. Mr Trump recommend on Twitter that viewers watch Hannity Wednesday.
Fox News, the biggest moneymaker for media mogul Rupert Murdoch, made early calls on election night that incensed the president, such as declaring Arizona for Democratic nominee Joe Biden. One of Mr Trump’s political advisers, Jason Miller, tweeted that night that the network was trying to “invalidate” the election, and Mr Trump continued his attacks in a fundraising email sent later.
Fox Corporation shares fell 6 per cent to $25.82 as of 12.15pm in New York on Thursday. The company was scheduled to hold its annual meeting later in the day in Los Angeles.
On an earnings call last week, Fox Corporation chief executive Lachlan Murdoch said the network has been number one in cable news for 18 years, through a number of administrations.
“We love competition,” Lachlan Murdoch said. “We have always thrived with competition, and we have strong competition now.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Stage 5 results
1 Tadej Pogacar (SLO) UAE Team Emirates 3:48:53
2 Alexey Lutsenko (KAZ) Astana Pro Team -
3 Adam Yates (GBR) Mitchelton-Scott -
4 David Gaudu (FRA) Groupama-FDJ 0:00:04
5 Ilnur Zakarin (RUS) CCC Team 0:00:07
General Classification:
1 Adam Yates (GBR) Mitchelton-Scott 20:35:04
2 Tadej Pogacar (SlO) UAE Team Emirates 0:01:01
3 Alexey Lutsenko (KAZ) Astana Pro Team 0:01:33
4 David Gaudu (FRA) Groupama-FDJ 0:01:48
5 Rafał Majka (POL) Bora-Hansgrohe 0:02:11
The specs
Price: From Dh180,000 (estimate)
Engine: 2.0-litre turbocharged and supercharged in-line four-cylinder
Transmission: Eight-speed automatic
Power: 320hp @ 5,700rpm
Torque: 400Nm @ 2,200rpm
Fuel economy, combined: 9.7L / 100km
The details
Heard It in a Past Life
Maggie Rogers
(Capital Records)
3/5
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
UAE currency: the story behind the money in your pockets
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
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