After Joe Biden’s victory in the 2020 presidential election, conservatives, led by the ever-enthusiastic Donald Trump, began peeling away from Fox News. Why? Because they were convinced the network wasn’t “right-wing enough.” Enter the upstarts: Newsmax and One America News, determined to win over the MAGA crowd by offering what they claimed was a “truer” conservative perspective. Who needs subtlety when you can have unfiltered fury, right?
Fast forward four years and, oh, how the mighty have shifted. On December 5, 2024, President-elect Donald Trump was all smiles at Fox’s annual Patriot Awards in Brookville, New York, rubbing elbows with Sean Hannity while claiming the coveted “Patriot of the Year” title. His speech? Oh, just a little something to remind everyone that the Trump administration and the Rupert-and-Lachlan Murdoch-controlled Fox News are basically joined at the hip for the next four years. No big deal.
Since the election, Fox News has been riding high. The network saw a 7 percent increase in primetime ratings while its rivals, CNN and MSNBC, watched their viewership plummet—46 percent down for CNN, and a staggering 52 percent dip for MSNBC. What’s driving Fox’s popularity? Maybe it’s the thrill of Trump’s surprise cabinet picks—or maybe, just maybe, people are tuning in to see which world-shaking scandals Fox will break next. Whatever it is, it’s working.
Meanwhile, over at the UBS investor conference, Fox Corp CFO Steve Tomsic was sounding downright chipper about the network’s prospects. “We’ve maintained and grown our share, both in primetime and total-day,” he told UBS moderator John Hodulik. (Translation: Fox is doing better than ever, folks.) Tomsic went on to explain that Fox had hit a “60 percent share” of cable news for the quarter and was even hitting a whopping 70 percent in certain weeks of November. So, if you’ve been watching cable news and wondering why you haven’t seen a commercial for that one weird snack you love, it’s probably because Fox is gobbling up all the airspace.
Tomsic’s optimism comes after a much-needed corporate restructuring, which included the 2019 sell-off of Fox’s non-news assets to Disney. That deal allowed Fox to re-focus on news and sports—because what says “reliable news outlet” more than sports and scandal? It’s a solid formula for keeping viewers glued to their screens, even when they don’t care about the actual content of the news.
And let’s not forget about the changes to Fox’s primetime lineup last year, when Tucker Carlson was ousted, Laura Ingraham was shifted to the 7 p.m. slot, Jesse Watters took over Carlson’s 8 p.m. spot, and Greg Gutfeld moved to 10 p.m. The big question: Did the network’s brand matter more than the personalities? Turns out, yes. “Fox News as a channel—and all its broader assets—are firing on all cylinders,” Tomsic said, adding that Fox News has proven its brand is bigger than any single personality. In other words, if you like watching people shout at each other on TV, you’ll keep tuning in, no matter who’s on screen. (Maybe that’s the secret to cable news success?)
Here’s a fun twist: It turns out that Fox isn’t just preaching to the conservative choir anymore. Tomsic proudly claimed that Fox News was attracting more viewers than just its loyal base. “We’re getting new viewers,” he said, adding that Fox has “more than its fair share of undecideds” and even a few Democratic-leaning folks. Fox has somehow managed to position itself as the cable news equivalent of a sports bar—whether you’re there for the wings or the gossip, you’re going to stay for the atmosphere. It’s a win-win.
Meanwhile, the competition is struggling. CNN, under new ownership with Warner Bros. Discovery, is rethinking its digital-first future. MSNBC is facing the possibility of a spin-off from Comcast by the end of 2025. Both networks are desperately searching for an identity in a world that increasingly seems to prefer the comfort of familiar faces (and their over-the-top takes). Meanwhile, Fox keeps cruising along, picking up a steady stream of both loyal and new viewers, all while raking in a juicy chunk of political ad revenue. It’s the news equivalent of a cash cow with an iron-clad contract.
Fox Corp stock is up a solid 55 percent year-to-date. To put that in perspective: Disney, which is probably struggling to figure out what to do with all that Star Wars content, is up 26 percent. Fox’s ad revenue soared by 11 percent in its latest quarterly earnings, crossing the $1.3 billion mark. So, while other media companies are grappling with identity crises, Fox News is making money and making headlines.
But it’s not just about numbers. It’s about power—and Fox knows how to wield it. With Trump and Fox solidifying their relationship in 2024, it’s clear that the Murdochs and Trump’s team are building something that’ll last. Whether you agree with their politics or not, Fox News has found a way to tap into the hearts and minds (and wallets) of millions of Americans. It’s a reminder that in the world of news, branding is king—and when it comes to Fox, they’ve figured out exactly what their audience craves: more of the same, just louder.
