Magnitude Of Fox Settlement Takes Wall Street By Surprise – But It Is Tax Deductible
Deadline has also confirmed that the sum is tax deductible. It’s unclear if there is any related insurance coverage.
“There was an expectation there was going to be a settlement. Obviously, there was some nervousness. It looks like it was half the value of the suit. So now people are like, ‘There’s aversion coming for $2.6 billion. I don’t know how these numbers are derived, so maybe they get half of that too?’” said another. Smartmatic, another voting software company, also sued Fox News and Fox Corp., as well as hosts and guests, and the case is in the discovery stage in New York Supreme Court.
after a possible plan to merge with News Corp. was scrapped due to protests by both sets of shareholders. Asked about any impact on staffing, costs or other as a result of the payout, a Fox spokesperson said in a statement, “We don’t expect significant operational effects or changes to our business given our cash flow, strong balance sheet and the health of our business.”
In a statement, Fox said, “We will be ready to defend this case surrounding extremely newsworthy events when it goes to trial, likely in 2025. As a report prepared by our financial expert shows, Smartmatic’s damages claims are implausible, disconnected from reality, and on its face intended to chill First Amendment freedoms.”
The network has gone cold and hot on Trump — steering away from coverage of his rallies, then featuring him in a recent sit down interview with Tucker Carlson. And Carlson himself has continued to question the legitimacy of the 2020 presidential election, telling viewers in March that it was a “grave betrayal of American democracy,” while not mentioning Dominion or Smartmatic.
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