Fox Corp. moves 6% as President Trump retweets support for rival networks Newsmax and OANN

• Fox Corp. fell 6% on Thursday when President Donald Trump retweeted his support for rival right-wing news networks Newsmax and OANN.
• Trump and his supporters have been angered by Fox News since the network called on the state of Arizona for Joe Biden’s presidency on presidential election night.
• And with a Biden presidency slated for 2021, Trump may have his eyes set on creating his own news network to compete directly with Fox, according to Axios.
• “Daytime ratings for @FoxNews completely collapsed. Daytime weekend even WORSE. Very sad to see this happen, but they forgot what made them successful, what got them there … “Trump tweeted Thursday.
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The Class A shares of parent company Fox News Fox Corp. fell as much as 6% on Thursday as President Donald Trump retweeted his support for rival right-wing news networks Newsmax and OANN.

Some of Trump’s Thursday retweets include: “#FoxNews is dead,” “Fox was completely unfair and untrue. Switch to Newsmax” and “Newsmax and Oann are great alternatives [to Fox News]. “

These retweets were then followed by a direct message from Trump, which tweeted, “. FoxNews daytime ratings have completely slumped. Daytime weekend even WORSE. Very sad to see this happen, but they forgot what made them successful, what got them there- low. They forgot about Golden Goose. and 2020 was @FoxNews! “

Trump and his most staunch supporters have been particularly angered by Fox News since the network called on the state of Arizona as Joe Biden’s president on presidential election night.

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A report that Trump would be interested in competing directly with Fox News by launching his own Conservative-friendly news network once he steps down could also potentially weigh down Fox Corp. shares.

“He plans to destroy Fox. No doubt about it,” a source with detailed knowledge of Trump’s intentions told Axios.

According to Axios, Trump’s potential news network is likely to be a digital media channel broadcast online as opposed to a news network broadcast by cable providers.

This strategy would allow Trump to launch the network faster and with lower start-up costs. The network would likely charge a monthly fee, in an attempt to siphon customers off Fox Nation, Fox Corps’ streaming news service for $ 5.99 per month.

The Class A shares of Fox Corp. are down 12% from their high of $ 29.28 on election day Thursday afternoon.

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