Yahoo Finance Fox's (FOXA) News Channel Dominates Cable Ratings in Q2
Fox Corporation FOXA-owned Fox News Channel (“FNC”) has maintained its position as the most-watched cable network in the United States for the second quarter of 2024, marking an impressive 90 consecutive quarters at the top, according to recent Nielsen Media Research data.
In a notable achievement, FNC was the only major cable news network to show growth across all key metrics compared with the same period in 2023.
Fox network's share of the cable news audience reached new heights, capturing 50% of viewers across total day programming and 54% of prime-time viewers. This level of audience share is the highest for FNC since the first quarter of 2023, underscoring the network's growing influence in the cable news sphere.
Several FNC programs stood out in the ratings. The Five, a roundtable discussion show, became the first non-primetime program to top all of cable news for 11 consecutive quarters. Jesse Watters Primetime emerged as the number one show in all of primetime viewership, while Gutfeld! continued to dominate late-night ratings, outperforming traditional broadcast network competitors.
FNC's success extends beyond just total viewership. The network has shown particular strength among key demographics, including being the top choice for Hispanic viewers and attracting more Independent viewers than any other network, according to Nielsen MRI Fusion data.
Year-to-date Performance
Image Source: Zacks Investment Research
Strength in Traditional Cable Viewership Fends Off Competition
As the media industry continues to evolve, with streaming services and digital platforms vying for viewers' attention, FNC's ability to maintain and grow its traditional cable audience is noteworthy.
The Zacks Consensus Estimate for FOXA’s fourth-quarter fiscal 2024 earnings per share is pegged at 85 cents, which has remained unchanged in the past 60 days. The consensus mark for fiscal 2024 earnings is pegged at $3.33 per share, which has increased 15 cents in the past 60 days.
The network's success is particularly striking when contrasted with its main competitors, Warner Bros. Discovery WBD-owned CNN and MSNBC, owned by NBCUniversal, which is a subsidiary of Comcast CMCSA. Both CNN and MSNBC experienced double-digit declines in the crucial 25-54 age demographic in the second quarter of 2024.
CNN, in particular, faced challenges, hitting a 33-year low in total day viewership for the 18-49 and 25-54 demographics, its smallest younger audience since 1991.
FNC's primetime lineup, airing from 7-11 PM, drew an average of 2,037,000 viewers, with 214,000 in the coveted 25-54 demographic. This represents a substantial 230% lead over CNN and a 77% advantage over MSNBC in total viewership. The network's total day performance was equally impressive, averaging 1,304,000 viewers, maintaining a 176% edge over CNN and a 61% lead over MSNBC.
Fox's strategy of expanding its reach through partnerships with platforms like EchoStar SATS-owned DISH Network and SLING TV, as well as its FOX Nation streaming service, appears to be an attempt to stay ahead of these competitive pressures. Making FOX Nation available on DISH's On Demand menu increases its visibility and accessibility to viewers.
Shares of this Zacks Rank #3 (Hold) company have gained 16.2% in the year-to-date period against the Zacks Consumer Discretionary sector’s decline of 1.7%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
By diversifying its distribution channels and adapting to changing viewer habits, Fox is working to maintain its dominant position in the news market while fending off both traditional and emerging competitors.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Comcast Corporation (CMCSA) : Free Stock Analysis Report
EchoStar Corporation (SATS) : Free Stock Analysis Report
Warner Bros. Discovery, Inc. (WBD) : Free Stock Analysis Report
Fox Corporation (FOXA) : Free Stock Analysis Report
