Fox Corp (NASDAQ:FOX) shares tumbled Monday after the company and host Tucker Carlson "agreed to part ways."
Shares of the media company are down 3% at the time of writing, trading around the $29.90 mark, adding to its more than 16% decline in the last 12 months. The stock initially hit a low of $29.27 per share on the news.
While Fox did not provide an explanation on why Carlson is leaving, it said his last program was on Friday, April 21st.
The announcement comes just a few days after Fox News' parent company settled a defamation lawsuit by Dominion Voting Systems' defamation for $787.5 million.
"We thank him for his service to the network as a host and prior to that as a contributor," Fox said in its statement. "Mr. Carlson's last program was Friday April 21st. Fox News Tonight will air live at 8 PM/ET starting this evening as an interim show helmed by rotating FOX News personalities until a new host is named."