(RoyalPatriot.com )- Lachlan Murdoch, the CEO and Executive Chairman of Fox Corporation, told investors on Thursday that the biggest competition for Fox News is not cable channels or news channels, but entire broadcast networks.
Speaking to Ben Swinburne, a Morgan Stanley analyst, Murdoch went into further detail about why he believes that Fox News’ incredible viewership over the last year has put the news network heads and shoulders above its competition. He explained that other news channels are no longer competitive, and that Fox News intends to compete with broadcast networks.
Swinburne also suggested that Fox News has become so popular that it has become “one of the most attractive return on capital businesses” that the media has ever seen.
Murdoch said that Fox News was founded 25 years ago this year, and during those 25 years, Fox News has been the biggest channel in the country for the majority of that time. 20 years, in fact.
He referenced how Fox News broke records with its coverage of President Joe Biden’s State of the Union address recently, when 7.2 million people tuned in to Fox to watch the speech.
“The next highest-rated channel was ABC with 6 million people,” he said. “So increasingly our competition actually is the broadcast networks, not a cable channel or a news channel/
Murdoch did note, however, that Fox News’ audience is “under-monetizing” but that he isn’t worried because the network has grown so large and now represents middle America.
“We now represent middle America in a way that we know we have more Democrats and Independents watching Fox News than watch MSNBC or CNN,” he said.
Hear that? Even Democrats are tired of the Fake News media.
Read more of the conversation here.