Fox News' Ailes Leaves With $40 Million Plus, CNBC's Boorstin Says
NEW YORK (TheStreet) -- Fox News Chairman and CEO Roger Ailes was reportedly pushed out of the station last night with more than $40 million, equivalent to the rest of his salary per his current contract up in 2018, CNBC's Julia Boorstin reported on "Squawk on the Street" Friday.
"Ailes is barred from starting a rival to Fox News and he will be a consultant through Rupert Murdoch," Boorstin said.
Fox News parent company Twenty-First Century Fox (FOXA) - Get Report owner and leader Rupert Murdoch took over the position of CEO and Chairman at the station, after Ailes resigned last night amid sexual harassment allegations.
Murdoch has stressed he will continue Ailes' editorial vision for Fox News and praised the former CEO in a statement yesterday announcing Ailes' departure.
Murdoch's sons, James and Lachlan who run the company's day-to-day operations, expressed in the same statement that they remain committed to a "work environment based on trust and respect."
"Sources tell me the pushing out of the 76-year-old Ailes is indicative of some of the generational shifts that James and Lachlan have pushed over the past year running the company," Boorstin noted.
Shares of Fox are slipping by 0.07% to $27.16 this morning.
Separately, TheStreet Ratings rated Fox as a "Hold" with a score of C+.
The primary factors that have impacted this rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and good cash flow from operations.
However, as a counter to these strengths, TheStreet Ratings also finds weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and generally higher debt management risk.
You can view the full analysis from the report here: FOXA
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.