Fox News’ unprecedented ratings losses in recent weeks have forced the network to choose between its right-wing viewers and its corporate advertisers. Its decision to side with its audience has left the companies that financially support the network holding the bag for its incendiary coverage of the January 6 insurrection at the U.S. Capitol.
Fox has a two-track business model. Its audience tunes in for right-wing propagandists spewing unhinged rhetoric. Its advertisers pay for access to that audience, and cable providers pay to sell that audience a package that includes the network. But those companies are rightfully wary of being associated with the network’s excesses. Fox executives historically bridge that gap by pointing their business partners toward the network’s purportedly independent and professional “news side.” The Daily Beast reported last week on one such effort, a presentation document for prospective advertisers touting the network’s “hard-hitting journalism.”
Advertisers have fled the programs of Fox hosts Tucker Carlson, Sean Hannity, and Laura Ingraham over the last few years in light of their bigoted and conspiracy-minded commentary. The network’s prime-time commercial blocks are barren wastelands held together with MyPillow ads and network promos. But blue-chip companies continue to support Fox’s “news” hours, ensuring that the network’s leading sponsors include firms like Procter & Gamble, General Motors, and Kraft Heinz.