“Here’s what happened guys, let’s be honest with you, I can talk about this, Donald Trump on November 3rd — Fox declared Biden the winner in Arizona. MAGA-world went ballistic, they said ‘I’m not watching Fox News,’ they switched over and they looked and they found Newsmax,” Bolling said.

“Fox lost about 40% of their audience. 40 percent. That’s a big number,” Bolling continued, a statement that sparked roaring applause from the audience of young conservatives.

“I have friends still there that say they are very, very nervous about it, they’re sucking wind on it and they don’t know how to turn it around,” Bolling said.

Fox News did indeed dip in ratings following Trump’s loss in the 2020 election, and CNN topped Fox in the weeks after Election Day, a rare feat. Nonetheless, Fox News remains the most-watched network on cable news, and ended 2020 with the biggest ratings in cable news history. At the end of the day, Fox’s ratings dwarf those of Newsmax and OAN — by millions.