Fox Corporation disclosed an eight-figure loss in its hotly anticipated quarterly earnings release Tuesday morning, revealing just how deep the recent costly wounds from its news division cut, though its CEO tried to convince investors the massive payout was a good thing for the company.
Fox reported a $54 million loss for the first three months of the year, a staggering drop from its $283 million profit during the same period last year.
In the report, the company attributed the loss “primarily” to “legal settlement costs” at Fox News, a nod to its $787.5 million settlement for a defamation lawsuit with Dominion Voting Systems related to the network’s 2020 election coverage.
Despite this massive drag on the bottom line, Fox CEO Lachlan Murdoch asserted it was a “business decision” in the earnings call.
It was in Fox’s “best interest” to “avoid the acrimony of a divisive trial,” Murdoch asserted.
Shares of Fox rallied 6% in early trading, on pace to touch their highest level since before the announcement of the Dominion settlement.
Murdoch stuck by the “exceptional quality” of Fox News’ journalism, declining to criticize the coverage of false claims of election fraud that led to nearly $1 billion in legal costs. “We’re proud of our Fox News team,” Murdoch added.
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