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Inside the three months that could cost Fox $2.5 billion

By Jeremy W. Peters
New York Times·
14 mins to read

The decision by Fox News executives in November 2020 to treat the more hard-right Newsmax as a mortal threat spawned a possibly more serious danger.

Since 2002, when Fox News first overtook CNN as the most-watched cable news channel, one thing has been as certain and predictable as its dominance: Every time a Democrat wins the White House, the right-leaning network’s ratings take a momentary dip.

That happened after the election of President Joe Biden in 2020, too. But the

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