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.
Learning about money is a skill that should be learned at an early age. OneMain Financial is now offering a financial course called 'Credit Worthy' across several high schools across the country, along with some scholarships. Doug Shulman, CEO of OneMain Financial, joined Cheddar News to discuss the importance of learning and understanding credit. "Over half of high school students graduate without knowing the basics about credit," Schulman said. "It really helps establish a great foundation to being an independent adult, to have a healthy and happy life, and some financial security is part of that."
Mariah Carey is facing a second lawsuit claiming copyright infringement over her song, "All I Want For Christmas is You."
Apple posted better-than-expected results for the third quarter but continued to report soft revenue. Cheddar News breaks it all down.
Thousands of hospitality workers across 18 casinos in Las Vegas have announced they are set to strike if a new contract agreement is not reached by Friday, November 10.
Mariah Carey, the 'Queen of Christmas,' is teaming up with Victoria's Secret for a new holiday collection.
Stocks jumped Friday after a jobs report showed a higher slowdown in hiring, giving hope to an end in rate hikes.
A new study found greater productivity in companies with a higher gender balance.
Apple posted better-than-expected profit and revenue in the latest quarter but said sales dropped for the fourth straight quarter, including a drop in revenue for iPads and iMacs.
The Federal Trade Commission is accusing Amazon of using an algorithm to raise prices for some of its products, thereby causing other shopping sites to do the same.
The Labor Department reported the U.S. economy added 150,000 jobs in October, down from an adjusted 297,000 jobs added in September.
