(this came out before the Tucker announcement)
Fox: Not Too Late To Dump It
Apr. 23, 2023 9:05 AMETFox Corporation (FOX), FOXA98 Comments
Michael Fitzsimmons profile picture
The $787.5 million settlement payment to Dominion is one of the largest ever defamation suit pay-outs in U.S. history.
While FOX has plenty of cash to cover it ($4 billion+), the settlement may be just the tip of the iceberg as other lawsuits are in the works.
Those suits could end up being a black cloud hovering over the company even as it retains its #1 cable "news" ratings with a devout following.
Although FOX refutes it, some advertisers are reportedly leaving while the potential for a large shareholder class-action lawsuit is a very real and growing possibility.
2005 Television Critics Winter Press Tour
Frederick M. Brown
For Fox Corporation (NASDAQ:FOX) shareholders, the settlement of the Dominion Voting Systems lawsuit for $787.5 million was certainly better than the $1.6 billion Dominion was seeking. However, the last-minute settlement came late considering the jury had already been seated and it seemed highly unlikely that FOX would have ever run the risk of having its leader, Rupert Murdoch, along with its headlining anchors - Tucker Carlson, Sean Hannity, Maria Bartiromo, Lou Dobbs, Jeanine Pirro and Dana Perino - testify at the trial as Dominion's lawyers were planning. One could only imagine the damage FOX faces having its high profile anchors grilled - under oath - by Dominion's lawyers given the incriminating texts showing that Murdoch and the FOX anchors knew they were lying about election fraud. That being the case, a pre-trial settlement always seemed the best way out for FOX from the beginning. The question is: what took so long? However, and despite a downdraft in the stock price on April 19th when the settlement was announced, the market appeared to take the settlement in stride. Indeed, the stock has already recovered roughly half that daily loss (see below). However, the stock is still down ~15% over the past year and in my opinion has farther downside given the Dominion suitmay be just the tip of the iceberg.
https://seekingalpha.com/article/4595860-fox-not-too-late-to-dump-it