Key takeaways:
- Fox Corp. has agreed to pay Dominion Voting Systems $787.5 million to settle a defamation lawsuit.
- John Poulos of Dominion had offered evidence that the allegations against them were lies.
- Fox Corp. is expected to be able to absorb the cost, and the settlement is a reminder of the importance of accuracy in reporting.
Fox Corp. has agreed to pay Dominion Voting Systems a hefty sum of $787.5 million to settle a defamation lawsuit brought against the company. The lawsuit was in response to Fox News’ baseless accusations that Dominion had rigged its voting machines against former President Donald Trump in the 2020 presidential election.
John Poulos, president of Dominion, told Anderson Cooper of Fox News in October that the company had offered evidence that the allegations against them were lies. Local election officials on both sides of the aisle had also informed Fox of the truth.
Despite the large settlement, analysts believe that Fox Corp. will not be significantly affected by the payment. Fox had about $4 billion of cash on hand as of December 2022, and MoffettNathanson analyst Robert Fishman expects the company to be able to absorb the cost.
The settlement is a reminder of the importance of accuracy in reporting. Fox News has agreed to pay a hefty sum for its untruths, and other media outlets should take note of the consequences of spreading false information. It is essential for news organizations to ensure that their reporting is based on facts and not speculation.
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