The New Fox Shows What Outrage Is Worth
The success of the company hinges almost entirely on Fox News’s profits and controversial ratings push.
There’s value in Fox News’s fury.
Photographer: Drew Angerer/Getty Images North America
One reason Fox News is so successful, on-air personality Tucker Carlson once surmised, is that “Fox doesn’t hate America.” It’s that kind of provocative verbal torsion that’s so often earned Fox News the disdain of other journalistic outlets, yet has also made the TV network one of the most popular and profitable media businesses around. Now, investors are getting an even closer look at the inner workings of the cable-ratings machine.
Last week, the business was spun off from the former 21st Century Fox Inc., which was acquired by Walt Disney Co. It was a two-step deal that gave Disney ownership of Fox’s film and TV-production studios, movie franchises and other entertainment assets. The Murdoch family retained control of what’s now called Fox Corp., a new, smaller entity that mainly comprises Fox News, as well as the FS1 and FS2 national sports networks, some TV stations and the FOX broadcast network, home to shows like “Empire” and some National Football League and Major League Baseball games.1