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.
Shark Tank star Barbara Corcoran reveals how she is handling all of this recession news, the best time to buy a home and what she looks for when hiring. Watch!
Joe Cecela, Dream Exchange CEO, explains how they are aiming to form the first minority-controlled company to operate an exchange in U.S. history. Watch!
A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
