Fox News, the most-watched U.S. cable news network, on Tuesday settled a defamation lawsuit by Dominion Voting Systems for $787.5 million, in an 11th hour settlement averting trial of the network’s coverage of the US 2020 presidential election.
The settlement, which legal experts said was the largest struck by an American media company, was announced by the two sides and the judge after long-hours of delay with Judge Eric Davis saying, ‘The parties have resolved their case.’
Dominion had accused Fox News of peddling conspiracy theories regarding the 2020 presidential election and sought $1.6 billion in damages in the lawsuit filed in 2021.
“Fox has admitted to telling lies about Dominion that caused enormous damage to my company, our employees and our customers,” Poulos said in a statement.
“Truthful reporting in the media is essential to our democracy,” Poulos said.
At issue in the lawsuit was whether Fox was liable for airing the false claims that Denver-based Dominion’s ballot-counting machines were used to manipulate the presidential election in favor of Democrat Joe Biden over then-President Donald Trump, a Republican.
“We are pleased to have reached a settlement of our dispute with Dominion Voting Systems,” Fox News said in a statement.
“We acknowledge the Court’s rulings finding certain claims about Dominion to be false. This settlement reflects FOX’s continued commitment to the highest journalistic standards.
“We are hopeful that our decision to resolve this dispute with Dominion amicably, instead of the acrimony of a divisive trial, allows the country to move forward from these issues.”
Shares of Fox Corp closed up slightly at $34 per share, but were down 1% in after-hours trading following disclosure of the settlement amount. Fox has cash on hand to pay for a settlement. It committed $3 billion to buy back shares in the first quarter after revenues beat estimates. Fox Corp CEO Lachlan Murdoch told Wall Street analysts in February that the company had about $4 billion cash on hand.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.