Rupert Murdoch’s relationship with Donald Trump has been complex and multifaceted, evolving significantly over the years. Initially skeptical of Trump’s presidential aspirations, Murdoch’s views and the coverage by his media outlets, particularly Fox News, have changed in response to political developments and business considerations. This blog post delves into the reasons behind Murdoch’s growing disillusionment with Trump, tracing the timeline of their interactions and examining the broader implications for media and politics.
The Initial Enthusiasm and Subsequent Disillusionment
Poor Electoral Performance
Rupert Murdoch’s disenchantment with Donald Trump began to solidify with the 2020 presidential election. Murdoch, who believed the election was winnable, was angered by Trump’s loss. The situation worsened in the 2022 midterm elections, where candidates endorsed by Trump underperformed, further damaging Trump’s standing with Murdoch. These electoral failures highlighted the limitations of Trump’s political influence and cast doubt on his ability to secure future victories.
The January 6th Capitol Attack
The events of January 6, 2021, marked a turning point in Murdoch’s perception of Trump. The attack on the Capitol and Trump’s response—or lack thereof—made him “damaged goods” in Murdoch’s eyes. Murdoch’s media outlets, including Fox News and the Wall Street Journal, criticized Trump’s “damning silence” during the attack. This incident underscored the risks associated with continuing to support a figure who was increasingly seen as divisive and destabilizing.
Business Interests and Legal Troubles
Murdoch is known for his transactional approach to politics, prioritizing his business interests over loyalty to any particular politician. As Trump’s political fortunes declined, Murdoch sought new alliances that better served his business interests. The multiple lawsuits and indictments against Trump further contributed to Murdoch’s desire to distance himself from the former president. Legal troubles not only tarnished Trump’s image but also posed risks to the credibility and reputation of Murdoch’s media empire.
Desire for Alternative Candidates
Murdoch’s media outlets have made concerted efforts to promote other Republican candidates, notably Florida Governor Ron DeSantis. This shift indicates Murdoch’s desire to move beyond Trump and explore alternative leaders who might offer more stability and electoral success. The promotion of alternative candidates reflects a strategic calculation to diversify political support and avoid over-reliance on a single, polarizing figure.
Concern Over Audience Backlash
The backlash from Fox News viewers when the network called Arizona for Joe Biden in the 2020 election shocked Murdoch. This incident highlighted the delicate balance Murdoch’s media outlets must maintain to retain their core audience while also pursuing broader business and political goals. The fear of losing viewers to more pro-Trump outlets has influenced the coverage and editorial stance of Murdoch’s media properties, creating ongoing tension.
Evolution of Media Coverage
Initial Skepticism and Shift During the 2016 Campaign
In the early stages of Trump’s 2016 presidential campaign, Rupert Murdoch was dismissive of Trump’s chances. Murdoch’s media outlets were often critical of Trump, reflecting skepticism about his viability as a candidate. However, as Trump gained popularity among Republican voters, the coverage began to shift. Driven by ratings and audience demand, Fox News and other Murdoch-owned outlets provided more favorable coverage, aligning with the growing support for Trump within the Republican base.
Support During the Presidency
During Trump’s presidency, Fox News became closely aligned with him, often providing favorable coverage and serving as a platform for his messaging. This symbiotic relationship benefited both Trump and Murdoch’s media empire, boosting ratings and solidifying Fox News’s position as a leading conservative news outlet. The coverage during this period was characterized by a strong alignment with Trump’s policies and rhetoric, reinforcing his influence among conservative viewers.
Post-2020 Election Shift and Recent Criticism
After Trump’s loss in the 2020 election, Murdoch’s media empire began to distance itself from him. This shift was evident in critical editorials in the Wall Street Journal and dismissive coverage in the New York Post. By 2022, Murdoch’s outlets became increasingly critical of Trump, with the New York Post downplaying his 2024 campaign announcement and the Wall Street Journal labeling him the “Republican Party’s biggest loser.” This criticism reflected a strategic pivot away from Trump as his political influence waned.
Ongoing Tension and Business Considerations
Despite the criticism, Murdoch’s outlets, particularly Fox News, continue to grapple with how to cover Trump. His enduring popularity among their core audience poses a challenge, as outright rejection of Trump could alienate a significant portion of their viewership. Murdoch’s approach to Trump has often been influenced by business interests, including ratings and audience preferences, rather than personal loyalty. This pragmatic approach underscores the delicate balance Murdoch must maintain between political positioning and business imperatives.
The Broader Implications
Pragmatism in Media and Politics
Rupert Murdoch’s evolving stance on Donald Trump illustrates a broader trend of pragmatism in media and politics. Media moguls like Murdoch prioritize their business interests and adapt their strategies in response to changing political landscapes and audience dynamics. This pragmatic approach can lead to fluctuating support for political figures, depending on their perceived value to the business and their alignment with broader strategic goals.
The Impact on Republican Politics
Murdoch’s shifting stance on Trump also has significant implications for Republican politics. As a key influencer within conservative media, Murdoch’s support—or lack thereof—can shape public perceptions and impact the fortunes of political candidates. The promotion of alternative candidates like Ron DeSantis reflects an effort to reshape the Republican landscape and move beyond the Trump era, potentially paving the way for new leadership and policy directions.
The Future of Media Influence
The relationship between Murdoch and Trump underscores the enduring influence of media on politics. Media coverage can significantly impact political fortunes, shaping public opinion and voter behavior. As the media landscape continues to evolve, the interplay between media moguls, political figures, and audiences will remain a critical factor in shaping political outcomes and public discourse.
FOXA Technical Analysis
This chart shows the stock performance of Fox Corp (FOXA) as of July 26, 2024, with several key indicators.
Price Trend: The stock has been in a consistent upward trend since late March 2024, moving from around $30 to over $37. The 50-day moving average (blue line) is above the 200-day moving average (red line), suggesting a bullish trend.
Volume: Trading volume has been relatively stable, with no significant spikes that would indicate strong buying or selling pressure.
Relative Strength IndexIn the world of technical analysis, the Relative Strength Index (RSI) stands as a cornerstone tool for traders seeking insights into market momentum. Developed by J. Welles Wilder ... More (RSI): The RSI is currently at 75.63, indicating that the stock is in overbought territory. This could suggest a potential pullback or correction in the near future.
On Balance VolumeThe On Balance Volume indicator (OBV) is a technical analysis tool used to measure the flow of money into and out of a security over a specified period of time. It is a cumulative ... More (OBV): The OBV is trending upward, which indicates that volume is higher on up days than on down days, supporting the bullish trend.
Stochastic RSIIn the realm of technical analysis, the Stochastic RSI (StochRSI) emerges as a powerful tool for traders seeking to navigate market dynamics with precision. Developed by Tushar S. ... More: The Stochastic RSI is at 0.787, suggesting that the stock is also overbought according to this indicator.
Chaikin OscillatorNamed after its creator Marc Chaikin, the Chaikin Oscillator stands as a formidable tool in the arsenal of technical analysts. This oscillator is designed to measure the accumulati... More: The Chaikin Oscillator is showing a positive reading, indicating that money flow into the stock is strong.
MACDThe MACD indicator is essentially a momentum indicator that shows the relationship between two different moving averages of price. The MACD is the difference between the 12-period ... More: The MACD line (blue) is above the signal line (orange), and both are above the zero line, which is a bullish signal. However, the histogram shows a slight decrease in momentum.
Time-Frame Signals:
- 3 Months: Buy. The upward trend supported by the moving averages and positive volume indicators suggests continued strength.
- 6 Months: Hold. While the current trend is bullish, the overbought RSI may lead to a short-term correction.
- 12 Months: Hold. Continued monitoring of the indicators is recommended to confirm the sustainability of the current trend.
Past performance is not an indication of future results, and this article should not be considered as investment advice. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions. 🧡
Looking Ahead
Rupert Murdoch’s relationship with Donald Trump has been marked by initial skepticism, enthusiastic support, and growing disillusionment. Driven by a combination of electoral performance, business interests, legal troubles, and audience dynamics, Murdoch’s evolving stance reflects a pragmatic approach to media and politics. As Murdoch’s media empire continues to navigate the complexities of covering Trump, the broader implications for media influence and Republican politics will continue to unfold, highlighting the intricate and often transactional nature of political alliances.
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This content is provided for informational purposes only and does not constitute financial, investment, tax or legal advice or a recommendation to buy any security or other financial asset. The content is general in nature and does not reflect any individual’s unique personal circumstances. The above content might not be suitable for your particular circumstances. Before making any financial decisions, you should strongly consider seeking advice from your own financial or investment advisor.
