Fox Corp.’s $787.5 million settlement with Dominion Voting Systems over defamation charges is eye-popping, but the ultimate cost to the media company is likely to be much lower.
On Tuesday, Fox settled with Dominion over charges that Fox News baselessly accused the company of rigging its voting machines against former President Donald Trump in 2020. It was the most-watched media libel case in decades.
Fox can deduct the Dominion settlement from its income taxes as an expense necessary for the cost of doing business. Fox Chief Communications Officer Brian Nick has confirmed the deductibility of the settlement. “The key is that if the payments are being made to private parties and not at the behest of the government then you can pretty much conclude without any fear of contradiction that the payment will be deductible,” he said.
“It’s not hard to stack up $100 million but as you go higher than that, it gets harder and harder,” Milton said. And media companies and insurers don’t always agree on who should cover what, since there are caveats written into contracts that allow insurers to avoid paying under certain circumstances. In 2017, Disney settled a defamation suit that was filed in 2012 after ABC aired a segment that questioned the safety of a meat producer’s products that critics dubbed “pink slime.
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