Company says loss is mostly ‘due to charges associated with legal settlement’ in Dominion case
, said the $787.5m settlement was a “business decision to resolve the dispute to avoid the acrimony of this trial and a multi-year appeal process”.
Fox News is still facing a $2.7bn lawsuit from a second voting machine manufacturer, Smartmatic, which Murdoch said was “fundamentally different” from the Dominion case. He predicted that the case, filed in New York, won’t go to trial until 2025. The 51-year-old Fox CEO said the company was “well-positioned” to withstand the WGA writer’s strike that has crippled new film and TV production in Hollywood and looks set to last for months.
Fox has said it’s looking for merger-and-acquisition targets after calling off a plan to merge with newspaper division News Corp and authorized a $3bn increase to a $7bn stock-buyback plan.last month, its stock dropped by $590m and its ratings have suffered. “There is no change to our programming strategy at Fox News,” said Murdoch, suggesting that Carlson’s firing was a tweak in its strategy, not a departure.
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