Fox’s settlement with Dominion unlikely to cost it $787.5M
On Tuesday, Fox settled with Dominion over charges that Fox News baselesslyagainst 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.found that of 34 settlements totaling over $1 billion, 20 companies reported deducting some portion or all of their settlement payments.
Usually, there’s a certain amount a media company has to pay, which could be in the millions, before insurance kicks in. However, the deductible incudes attorney fees, which in a high-profile case like Fox-Dominion could be tens of millions of dollars or higher, so the deductible could be swallowed up just by attorney fees.
MoffettNathanson’s Fishman said everything indicates the company will be able to run its business as usual.
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