Fox Corp., the parent company of Fox News, reported a net loss of $50 million in the first quarter of 2023, just weeks after it paid a historic settlement to Dominion Voting Systems.
The company reported total quarterly revenues of $4.08 billion, representing an 18 percent increase from the $3.46 billion reported in the prior year for the first quarter. In last year’s first quarter, Fox Corp. reported a net profit of $290 million.
The conservative media giant agreed to pay Dominion a massive $787.5 million settlement late last month to forgo a jury trial after the voting systems provider hit it with a blockbuster defamation lawsuit stemming from Fox’s airing of false statements about its software being promoted by former President Trump and his allies after the 2020 election.
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Fox Corp. reports $50 million net loss following historic $787 million Dominion settlement https://t.co/OwUxVoiRP0 pic.twitter.com/xa0Pyc6aoK
— The Hill (@thehill) May 9, 2023
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