Fox, Comcast and Warner Bros Discovery shares each took a dip Monday after the media companies took turns generating industry-shaking headlines over less than 24 hours
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Comcast announced Sunday that NBCUniversal CEO Jeff Shell had left the company due to an inappropriate relationship with a colleague. Fox and WBD on Monday delivered equally stunning news they had parted ways with prominent hostsThe three stocks were down between 1.6% and 3.6% with a bit more than an hour left in the trading day. Trading volume was light for WBD and Comcast, but nearly three times heavier than normal for Fox.
The three bits of news have distinct implications for the financial outlook of each entity, of course. Fox, which heavily relies on Fox News revenue and collects about $100 million in annual advertising for Carlson’s show, immediately saw its shares plunge 4% after the news of the host’s ouster. The move follows Fox’s decision to pay $787 million to settle a lawsuit filed against Dominion Voting Systems.
For Comcast, NBCU is a key asset but one that generates one-third of its total revenue. The jolt of Shell’s sudden ouster is offset to some degree by the layers of corporate management surrounding the entertainment part of the company, which still makes most of its money selling broadband and cable TV. Shell’s duties were immediately taken on by Comcast President Mike Cavanagh, a trusted corporate lieutenant who is well-respected in financial circles.
CNN, meanwhile, is not seen as central to the investment thesis of WBD but the news network has been a complicated part of the portfolio ever since the $43 billion merger of WarnerMedia and Discovery closed in April 2022. As the new corporate parents have looked to add more political balance and deliver more down-the-middle broadcasts, Lemon was also part of a revamp of the network’s morning show.
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