{"id":6219,"date":"2023-05-09T09:26:39","date_gmt":"2023-05-09T13:26:39","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/fox-ceo-claims-787-5-million-dominion-settlement-was-merely-a-business-decision-as-profits-tank\/"},"modified":"2023-05-09T09:26:39","modified_gmt":"2023-05-09T13:26:39","slug":"fox-ceo-claims-787-5-million-dominion-settlement-was-merely-a-business-decision-as-profits-tank","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=6219","title":{"rendered":"Fox CEO Claims $787.5 Million Dominion Settlement Was Merely A \u2018Business Decision\u2019 As Profits Tank"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Fox Corporation disclosed an eight-figure loss in its hotly anticipated quarterly earnings release Tuesday morning, revealing just how deep the recent costly wounds from its news division cut, though its CEO tried to convince investors the massive payout was a good thing for the company.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>Fox reported a $54 million loss for the first three months of the year, a staggering drop from its $283 million profit during the same period last year.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>In the report, the company attributed the loss \u201cprimarily\u201d to \u201clegal settlement costs\u201d at Fox News, a nod to its $787.5 million settlement for a defamation lawsuit with Dominion Voting Systems related to the network\u2019s 2020 election coverage.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Despite this massive drag on the bottom line, Fox CEO Lachlan Murdoch asserted it was a \u201cbusiness decision\u201d in the earnings call.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>It was in Fox\u2019s \u201cbest interest\u201d to \u201cavoid the acrimony of a divisive trial,\u201d Murdoch asserted.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>Shares of Fox rallied 6% in early trading, on pace to touch their highest level since before the announcement of the Dominion settlement.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Crucial Quote<\/h2>\n<p>Murdoch stuck by the \u201cexceptional quality\u201d of Fox News\u2019 journalism, declining to criticize the coverage of false claims of election fraud that led to nearly $1 billion in legal costs. \u201cWe\u2019re proud of our Fox News team,\u201d Murdoch added.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Surprising Fact<\/h2>\n<p>When asked a question on the fallout of the surprise April exit of Fox News\u2019 top-rated host Tucker Carlson, Murdoch declined to offer much color, simply responding: \u201cThere\u2019s no change to our [primetime]\n<p> programming strategy at Fox News.\u201d <\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>Fox agreed to settle with Dominion on April 18, concluding a messy two-year legal saga stemming from Fox News hosts apparently backing false claims of fraud in the 2020 election spread by former President Donald Trump and his supporters. Just six days later, the company announced the departure of Carlson, sending its stock price spiraling and wiping out nearly $700 million in market capitalization.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Forbes Valuation<\/h2>\n<p>Murdoch\u2019s father Rupert Murdoch, the chairman of Fox\u2019s board of directors, is worth $17.5 billion, making him the 94th-richest person in the world, according to our latest estimates.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Tangent<\/h2>\n<p>Fox brass said it expects the impact of the Writers Guild of America strike to be minimal, echoing analysis from Evercore ISI strategists last week, naming Fox the best-positioned company relying on primetime network television to emerge from the situation fairly unscathed.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<p>Fox Will Report First Earnings Since Dominion Settlement And Carlson Exit\u2014Revealing Whether It\u2019s In \u2018Rebuilding Mode\u2019 (<em>Forbes<\/em>)<\/p>\n<p>Tuckered Out? Fox News\u2019 Prime-Time Ratings Slump In Days Following Tucker Carlson\u2019s Firing (<em>Forbes<\/em>)<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/05\/09\/fox-ceo-claims-7875-million-dominion-settlement-was-merely-a-business-decision-as-profits-tank\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Fox Corporation disclosed an eight-figure loss in its hotly anticipated quarterly earnings release Tuesday morning, revealing just how deep the recent costly wounds from its news division cut, though its CEO tried to convince investors the massive payout was a good thing for the company. Key Facts Fox reported a $54 million loss for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-6219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fox CEO Claims $787.5 Million Dominion Settlement Was Merely A \u2018Business Decision\u2019 As Profits Tank | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Fox Corporation disclosed an eight-figure loss in its hotly anticipated quarterly earnings release Tuesday morning, revealing just how deep the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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