From Breakingviews - Fox is not out of the woods yet
Lachlan Murdoch, co-chairman and chief executive officer of Fox Corp., attends the annual Allen and Co. Sun Valley media conference in Sun Valley, Idaho, U.S., July 11, 2019. REUTERS/Brendan McDermid
NEW YORK, April 18 - Rupert Murdoch’s Fox will find that a damaged beast attracts more foes. The media company which operates cable network Fox News settled a defamation lawsuit on Tuesday for approximately half of the $1.6 billion sought in damages by the plaintiff, Dominion Voting Systems. In a, Fox acknowledged the court’s ruling “finding certain claims about Dominion to be false.”
Fox has some $4 billion in cash, so it can easily scratch a check for the $788 million penalty. But that’s not the end of its worries. Another voting-system company, Smartmatic, is seeking even higher damages of $2.7 billion. Investors and more employees could launch lawsuits, too. And while Fox is flush now, Chief Executive Lachlan Murdoch has noted the company needs more scale, given it’s vulnerable to cord cutters and a tepid advertising environment. Its legal risks, though, could make future dealmaking a problem. The $17 billion Fox has survived this round, yet the hunt is still on.
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