New York (CNN) Fox Corp posted a loss in the last quarter after paying A $787.5 million settlement For Dominion Voting Systems.
The company reported profits in the same quarter last year.
The company received a $719 million fee because of the settlement, which was partially offset by dividends for its subsidiaries and a change in the market value of some of its investments. But the hit left Fox with a net loss of $50 million, compared to a profit of $290 million in the previous year.
Excluding those special items, it adjusted earnings of $494 million, or 94 cents per share, up from $459 million a year earlier. That was better than the 87 cents expected by analysts polled by Refinitiv. The company has cashed in on profits and revenue gains it received from this year’s Super Bowl broadcasts.
Since settling down with Dominion, Fox has launched its most popular broadcaster, Tucker Carlson. Ratings have fallen on Fox News, while other right-wing networks have gained audiences since Carlson’s firing.
Fox still faces a lawsuit from another voting machine manufacturer. Smart Maticwhich is seeking $2.7 billion in damages.
The Dominion Settlement was reached on April 18. Dominion has accused Fox of reporting false statements about Dominion voting machines in the 2020 presidential election.
This is a developing story. It will be updated.
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