Magnitude Of Fox Settlement Takes Wall Street By Surprise – But It’s Tax Deductible
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deadline.comFox looks set to weather a massive payout to settle its case with Dominion Voting System. It has $4 billion in cash and generates significant free cash flow annually.
The $787.5 million hit, one of the largest defamation settlements ever, isn’t likely to disturb Fox News profits. Deadline has also confirmed that the sum is tax deductible.
It’s unclear if there is any related insurance coverage. However, one financial analyst called the figure unexpectedly large, an unpleasant upside surprise, as another big legal challenge looms.
Investors are waiting for more clarity from CEO Lachlan Murdoch, likely on the company’s next earnings call, on what the settlement means. “Fox has enough cash.
Read more on deadline.com
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