Fox Corp. swung to a third quarter loss, weighed down by Fox News' nearly $800 million settlement with Dominion Voting Systems.
In April Fox News agreed to pay Dominion Voting Systems to avert a trial in the voting machine company’s lawsuit that would have exposed how the network promoted lies about the 2020 presidential election.
Dominion had sued Fox for $1.6 billion, arguing that the top-rated news outlet damaged the company’s reputation by peddling phony conspiracy theories that claimed its equipment switched votes from former President Donald Trump to Democrat Joe Biden.
“We made the business decision to resolve this dispute and avoid the acrimony of a divisive trial and a multiyear appeal process, a decision clearly in the best interests of the company and its shareholders," said Lachlan Murdoch, Chair and CEO of Fox Corp.
For the three months ended March 31, Fox Corp. lost $54 million, or 10 cents per share. A year ago it earned $283 million, or 50 cents per share.
The New York City company said Tuesday that the difference in its performance was mostly due to charges related to legal settlement costs at Fox News Media. The company did get a boost from televising Super Bowl LVII.
Excluding certain items, earnings were 94 cents per share. That beat the 88 cents per share analysts surveyed by Zacks Investment Research were calling for.
Revenue climbed to $4.08 billion from $3.46 billion, bolstered by a 43% increase in advertising revenue related to Super Bowl LVII, more NFL games at Fox Sports and ongoing growth at ad supported streaming service Tubi.
The results topped Wall Street's estimate of $4.05 billion.
Shares slipped 1% Tuesday.
Getting crafty for the holidays to entertain guests can be pretty expensive. Cheddar News explains how you can do all of that on a budget.
New regulations from the U.S. government may cause the price of electric vehicles to go up.
New data shows job openings fell in October even though hiring remains healthy.
The holiday season is here and it could be a stressful time as people plan shopping, cooking and traveling. Sally Holmes, editor-in-chief of InStyle Magazine, joined Cheddar News to discuss a new social media trend #Treatculture that helps people take a moment to treat themselves and how that is a psychological benefit to relieve stress.
English Wikipedia raked in more than 84 billion views this year, according to numbers released Tuesday by the Wikimedia Foundation, the non-profit behind the free, publicly edited online encyclopedia. And the most popular article was about ChatGPT (yes, the AI chatbot that’s seemingly everywhere today).
Wikipedia has released its list of most viewed articles for 2023 with the site seeing over 84 billion visits. The most searched topic was ChatGPT with nearly 50 billion page views
Closing arguments are happening in a federal trial over whether Jetblue Airways will be allowed to buy Spirit Airlines for $3.8 billion.
Johnson and Johnson is reportedly looking to settle multiple lawsuits claiming that its baby powder causes cancer, according to Bloomberg.
Wells Fargo said it could face nearly $1 billion in severance costs in the fourth quarter.
The Supreme Court on Tuesday dismissed a case surrounding a Maine hotel that could have made it harder for people with disabilities to learn in advance whether a hotel's accommodations meet their needs.
