Fox Corp. Chief Executive Lachlan Murdoch attributed a ratings drop at Fox News last month to "viewer fatigue" and tough year-on-year comparisons, and said it isn't indicative of a deeper problem at the network.
Fox News's prime time viewership fell by 28% in October, compared with the prior-year period, and by even more in the key demographic of adults aged 25-54, according to Nielsen data. It's still the most-watched cable news network, ahead of MS NOW and CNN. Murdoch said on an earnings call Monday that he doesn't believe the lost Fox News viewers are defecting to those other networks.
Murdoch said the network endured a similar situation in the lead-up to the 2006 midterms, when the U.S. president was an incumbent Republican with declining approval ratings, overseeing an unpopular war. He also noted that last October's news cycle included continued coverage of the murder of conservative activist Charlie Kirk and multiple dramatic floods.
"We've seen this playbook and know how to move through it," Murdoch said. Fox shares are down about 0.8% in afternoon trading. Fox Corp. and Wall Street Journal parent News Corp share common ownership.
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