shares from “equal weight” to “underweight,” citing Fox “News risks, cord-cutting risks, earnings risks.”earnings, and Fox News is facing viewership and share pressures. With ecosystem risks also elevated, we find our estimate outlook more negative and below the Street.”
Digging deeper into the news unit, the Wells Fargo expert highlighted: “Fox News is the Fox cash cow at about 80 percent of our fiscal-year 2024 estimated earnings before interest, taxes, depreciation and amortization . Viewership is down 19 percent January-June ’23 versus January-June ’21 due to cord-cutting and/or programming.”
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