Fox News reached a last-second settlement with Dominion Voting Systems on Tuesday as the case raced toward opening statements, paying more than $787 million to end a colossal two-year legal battle that publicly shredded the right-wing network’s credibility.
Fox News’ $787.5 million settlement with Dominion Voting Systems is the largest publicly known defamation settlement in US history involving a media company.
The right-wing network said in a statement that it “acknowledge[s] the Court’s rulings finding certain claims about Dominion to be false,” referring to Davis’ recent ruling that 20 Fox News broadcasts from late 2020 contained blatantly untrue assertions that Dominion rigged the presidential election.
But Fox won’t have to admit on-air that it spread lies about Dominion, a Dominion representative told CNN.
The $787.5 million payout is roughly half of the $1.6 billion that Dominion initially sought, though it is nearly 10 times the company’s valuation from 2018, and roughly eight times its annual revenue in 2021, according to court filings.
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