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.
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.
The State Department had been in talks with Elon Musk’s Tesla company to buy armored electric vehicles, but the plans have been put on hold by the Trump administration after reports emerged about a potential $400 million purchase. A State Department spokesperson said the electric car company owned by Musk was the only one that expressed interest back in May 2024. The deal with Tesla was only in its planning phases but it was forecast to be the largest contract of the year. It shows how some of his wealth has come and was still expected to come from taxpayers.
At 100 years old, the Goodyear Blimp is an ageless star in the sky. The 246-foot-long airship will be in the background of the Daytona 500 — flying roughly 1,500 feet above Daytona International Speedway, actually — to celebrate its greatest anniversary tour. Even though remote camera technologies are improving regularly and changing the landscape of aerial footage, the blimp continues to carve out a niche. At Daytona, with the usual 40-car field racing around a 2½-mile superspeedway, views from the blimp aptly provide the scope of the event.
You'll just have to wait for interest rates (and prices) to go down. Plus, this deal's a steel, the big carmaker wedding is off, and bribery is back, baby!
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
William Falcon, CEO and Founder of Lightning AI, discusses the ongoing feud between Elon Musk and Sam Altman, and how everyday people can use AI in their lives.
U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger toug
